How to make savvy financial decisions during divorce

Maryland spouses who are considering divorce are often overwhelmed by the number of decisions that must be made as a marriage is dissolved. For parents, child custody matters often dominate the process. Once those decisions have been made, the next item of concern involves property division. The outcome of the division of marital assets will affect each spouse’s financial standing for many years to come, and should be taken very seriously throughout the divorce process.

When making decisions concerning the division of property, the most important factor is to remove emotions from the process. These are choices that should be made in a business-like manner, without the influence of anger, resentment or a desire to inflict harm. Those spouses who allow their decision-making to become clouded by their emotional response to their divorce are at risk of making errors in judgement that can have lasting repercussions.

Each marriage is unique, and each divorcing couple will have their own particular blend of assets. The best way to determine how to divide those assets is to identify one’s financial goals for the future. Many spouses find that using the services of a financial planner can help to both determine goals and devise a path toward achieving those goals. Determining which assets are most suitable to one’s needs is part of the services that a financial planner can provide.

For those in Maryland who have made the decision to end their marriage, perhaps the best financial tip is to remain focused on the future, instead of becoming mired in the past. The circumstances that led to one’s divorce are not relevant to the decisions made within the property division process. These are nothing more than financial choices, and they should be made with the intent to maximize one’s future financial security.

Source: Forbes, Saving Your Retirement From A Divorce, Greg Brown, Oct. 21, 2013

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