Financial spring cleaning aids Maryland couples’ divorce efforts

Spring brings with it a renewed sense of purpose. As the weather turns warmer, it is not uncommon to get the urge to do a little spring cleaning. For couples in Maryland and elsewhere who are going through a divorce, it may be as important to do financial spring cleaning as it is to sort through cluttered closets. Here are some tips to get started.

Organize the paper trail. During a divorce, many documents will be needed to keep the proceedings moving forward. If they are organized and readily available, it will make things easier for everyone involved.

Get a credit report. As a single person, individual credit history could be important in the coming months. It is never a bad idea to be prepared by knowing what the official record shows. By the same token, keeping an eye on any joint credit cards is a good way to monitor purchases that may or may not be acceptable so that they can, if necessary, be dealt with.

Establish personal credit in advance. If someone thinks a divorce is imminent, it is a good idea if he or she opens bank accounts that are not linked to those shared with a spouse. The same holds true of credit cards.

Keep taxes in mind. If a divorce is finalized it will change the filing status of the people involved. Understanding the tax implications can also be an important part of a successful divorce agreement.

Get help if needed. There are many resources available to people going through a divorce, whether they live in Maryland or another state. Legal counsel, therapists and financial planners may all have something they can bring to the table. Anyone going through a divorce can take comfort in realizing that there is no shame in needing assistance — especially when going through a difficult time.

Source: Forbes, “Six Steps To Financial Spring Cleaning For Divorce“, Jeff Landers, April 1, 2014

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