Maryland residents who go through divorce often find themselves unpleasantly surprised by the financial effects of divorce. This can be particularly difficult to handle during a contentious or drawn-out divorce, with legal issues like child custody, alimony or child support seeming more important and making it difficult to forget about the importance of good money management. One financial adviser explained that money can easily become a back-seat rider during times of emotional turmoil, leading to poor decisions and missed opportunities. This makes it useful for Maryland divorcees to seek the help of a qualified attorney, allowing them to better focus their energies on the non-legal side of their divorce.
One 35-year-old mother recalled struggling with money after her divorce. “When you go from a dual income into a single income, it’s traumatizing. I literally had my electricity turned off because I just couldn’t pay my bills,” she explained to media outlets. Like many divorcees, this woman likely could have benefited by seeking professional help with her finances.
One financial adviser explained that few people think to seek help with their finances following a divorce. Research shows that women in particular often fall prey to money-related problems following divorce as they more commonly lack the knowledge necessary to successfully manage their finances. Experts recommend that both women and men anticipating a divorce meet with a financial adviser as soon as possible. One divorcee said that not consulting with an adviser soon enough was one of the biggest mistakes she made during the divorce process.
Men and women should begin paying more attention to any accounts they jointly hold with their spouses. This helps them to better plan for after divorce and ensures financial security for themselves.
Source: Durango Herald, “Before divorce, prepare yourself financially,” Hadley Malcom, Sep. 14, 2012