Money Matters You Should Not Overlook During Divorce
The process of divorce can bring financial issues or discrepancies that may exist between you and your partner to the forefront. Remaining proactive in the financial planning process is vital to achieving a smooth divorce process, fully understanding your financial needs and benefitting from settlement negotiations. Here, the Harford County divorce attorneys at Rodier Family Law discuss money matters that should always be considered during divorce, and how a skilled divorce attorney can review your assets and provide you security through the divorce process.
Rid Yourself of Joint Liabilities
Joint liabilities can have a serious impact on divorce proceedings and future financial freedom, so taking care of these liabilities early on is important. Joint liabilities include, but are not limited to, mortgages, tax liabilities and joint credit cards. Delegation of debt responsibilities between ex-spouses can prevent future financial damage and streamline the finalization of divorce, allowing you to move on to the next chapter of your life with peace of mind.
In Maryland, spouses are not generally required to pay their partner’s debts. However, if you have some form of joint interest in a financial matter, removing yourself from these documents before divorce is important. Canceling any joint credit cards is a great first step.
Establish a Plan for Future Joint Expenses
If children are involved during divorce, establishing a financial strategy for co-parenting cannot be overlooked. Especially when parents choose the route of joint custody, proper financial planning can ensure that their child or children have access to the resources necessary to live a happy and healthy life. Future expenses for the child, such as medical expenses and higher education, must be considered in the early stages of divorce, as this can easily affect the emotional and financial stability of both parents and children.
Evaluate the Impact of Divorce on Future Personal Finances
When in the process of divorce, you may tend to focus more on your current finances, overlooking future expenses. If you have both been saving for retirement through a 401(k) or IRA, it is vital to discuss the division of assets to ensure that both parties are properly compensated for their contribution. This is generally done through a Qualified Domestic Relations Order, or QDRO. Additionally, if you are planning on getting remarried in the future, alimony may be altered. Once remarriage occurs, alimony from your ex-spouse can be reduced or terminated, and cohabitation with a new partner can lead to additional court proceedings if your ex-spouse believes that alimony should be changed.
Consult With the Bel Air Divorce Attorneys at Rodier Family Law
If you or your partner are considering divorce, being proactive about money matters early can give you peace of mind that you will be financially secure post-separation. For the process to go smoothly, it is essential to work with a skilled team of divorce and separation attorneys who have your best interests in mind. The attorneys at Rodier Family Law provide representation to clients including, but not limited to, filing and pursuit of a limited or absolute divorce, alimony, division of marital property and more. To seek professional counsel during this time, contact the Bel Air divorce attorneys at Rodier Family Law today.