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Considering finances is a big part of divorce

A divorce covers a lot of ground -- from deciding who gets to keep what, to who will get custody of the children and a million other things. One of the biggest concerns many couples in Maryland and elsewhere may have when getting a divorce, though, is how taking this action will affect their personal finances. The simple truth is that dissolving a marriage can greatly affect one's fiscal standing. Thinking long term, rather than in the moment, can help both parties come to terms that will benefit them both economically.

There are a lot of considerations that go into a financial settlement in divorce. Who is getting custody of children? Who will be responsible for health care, day care or any other big expenses? Is either party entitled to alimony? The spouse that is ordered to pay for any of the above may find his or her economic future is drastically changed.

Before accepting divorce terms, it will be necessary to look toward the future and how taking one household and dividing it in two will affect everyone involved. This may change future plans such as how one invests for retirement or where a person can afford to live after the divorce is finalized. It can also grant greater clarity for current issues such as how assets are to be divided.

Couples in Maryland who are concerned about how their finances will be affected after their marriages have ended can work with legal counsel and other advisers in order to determine what to fight for during divorce proceedings. Achieving fair terms that leave each spouse financially sound may be possible. However, obtaining this type of settlement typically takes work and and a willingness to negotiate.

Source: hcplive.com, "Going through a Divorce: What Now, Financially?", Bill Schu, Sept. 17, 2015

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