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How to prepare your finances for divorce

On Behalf of | Jul 24, 2022 | Divorce |

Divorce can be difficult for every member of the family. Couples who are preparing to end their marriage will have to make significant changes in their finances and living arrangements. Creating separate accounts out of joint finances can be complicated, and you’ll need to know what to prepare for before you appear in a Maryland family law court.

Get good advice

Divorce can vary slightly by state, so make sure you are researching laws in Maryland to ensure that the advice you receive applies to your situation. A financial advisor can help you transfer money to a separate bank account or open credit cards in your name as you prepare to handle or own separate finances.

Keep track of your expenses

Start tracking the money you spend and your income. This will help you create a budget after the end of your marriage and will provide information the judge will use to divide your debts and assets. Include all the things you spend money on, including transportation, entertainment, childcare and home maintenance. Give your lawyer the ledger for your mortgage or other major loans, and print out bank statements. You can also show the court your pay stubs or credit card statements from the past few months. Keeping a record of your finances also impacts alimony and child support orders.

While divorcing couples should make sure they are receiving helpful advice and dividing their finances, they should also prepare for pushback. One spouse may not submit certain documents unless court-ordered to do so. The proceedings can also be emotionally taxing. Working with a mediator can help some couples settle divorce-related disputes amicably without having to attend multiple court hearings.


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