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The financial division side of divorce can get messy

When getting a divorce, figuring out how to divide monetary assets can seem like a nightmare. There are so many things to consider beyond what one feels is a fair division of assets. For couples in Maryland and elsewhere, it is possible to avoid the common financial mistakes that are often made during divorce proceedings with the help of legal counsel and other professionals.

When it comes to the financial side of divorce, there are at least six mistakes that couples commonly make that can truly hurt them in the future. A few of these include missing money, ignoring taxes, staying connected and using retirement funds early. Each can be devastating if not handled appropriately.

Missing money is huge. When getting a divorce, both parties are supposed to supply a list of all assets. Unfortunately, this does not always happen. All monetary assets such as pensions, future interests, stock options and bonuses can be a part one's financial settlement, but these are things that many individuals do not think to include.

For instance, the hefty bill that can accompany receiving or utilizing certain assets -- such as retirement funds -- in a divorce can be economically destructive. Also, failing to separate accounts can result in a spouse being held responsible for debts he or she did not accumulate -- again, hurting one's future fiscal situation. For divorcing couples in Maryland, experienced legal counsel and, if desired, financial advisers can be valuable resources and help clients avoid the many money pitfalls that may accompany divorce.

Source: CNBC, "Breaking up is hard to do: Protecting assets in divorce", Kelli B. Grant, Jan. 17, 2016

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