Preparing for a divorce, no matter how amicable the parting, is a complicated, emotional process. Untangling your lives, finances, assets and childcare schedules takes time, good will and patience from both parties. As you find your new normal (and you will find it); here are some important things to consider when dealing with the financial aspects of a divorce.
Be financially informed: Over the course of a marriage, it’s easy to have one spouse to carry the responsibility of keeping financial records, making investments and updating bank information. If you were the more financially aware spouse, then you are already well-prepared in this area. If you were not, then now is a crucial time to educate yourself. Know what you have so you are prepared for an equal role in deciding how your resources will be divided.
Prepare to live on less: Do not assume that things will remain the same financially. You will need to plan ahead and if at all possible save up some money ahead of time. Divorce can become very complicated for those who have been stay-at-home spouses and parents. In addition to addressing the complex emotions of divorce, many in this situation also need to prepare for a reduction in income, even if it is only temporary. Dealing with a lower monthly budget does not mean your financial situation will never change; often a divorce gives the unexpected gift of discovering new interests and talents that can certainly be used to generate additional income. However, preemptively recognizing that there will be less money available and expenses will need to adjust to sustain your household on a smaller income, will help prepare you for the financial reality.
Document, document, document: Gather and make copies of credit card statements, wills, deeds, titles, appraisals, tax returns, tax bills, insurance papers, retirement statements and bank records. It’s important that you have easy access to all of the documents and contracts that were created during your marriage and may continue to impact you afterwards.
Perhaps most importantly, as you move forward with your divorce proceedings, do so with as much patience as possible towards your former spouse and yourself. Approach the process from the perspective of trying to resolve the differences by way of agreement. Finding an experienced divorce attorney will help. Do your research about who to hire as an attorney and follow his or her instructions. In time, your divorce will be finalized and you will continue to move forward in your life.
For more information about family law, divorce litigation and mediation, please contact Linda Sorg Ostovitz, Offit Kurman, P.A., at lostovitz@offitkurman.com or (301) 575-0381.
ABOUT LINDA SORG OSTOVITZ
Linda Sorg Ostovitz is a family law attorney. Her legal experience spans more than 34 years. In this time, she has served as a leader, educator and advocate. Mrs. Ostovitz holds a prestigious fellowship in the American Academy of Matrimonial Lawyers. Currently, she serves as President for the Business Women’s Network of Howard County, by which she was chosen Woman of Distinction for 2014. Mrs. Ostovitz represents clients in Howard, Anne Arundel, Carroll and Baltimore Counties. Her practice focuses exclusively on divorce litigation and mediation, child custody and access, child support, alimony, business valuation, as well as property and asset distribution. In addition to providing legal representation in court, Mrs. Ostovitz provides mediation services to help families come to a fair and legally-sound conclusion outside of the traditional court proceedings.
ABOUT OFFIT KURMAN
Offit Kurman is one of the fastest-growing, full-service law firms in the Mid-Atlantic region. With over 120 attorneys offering a comprehensive range of services in virtually every legal category, the firm is well positioned to meet the needs of dynamic businesses and the people who own and operate them. Our eight offices serve individual and corporate clients in the Maryland, Delaware, New Jersey, and Northern Virginia markets, as well as the Washington DC, Baltimore, Philadelphia, and New York City metropolitan areas. At Offit Kurman, we are our clients’ most trusted legal advisors, professionals who help maximize and protect business value and personal wealth. In every interaction, we consistently maintain our clients’ confidence by remaining focused on furthering their objectives and achieving their goals in an efficient manner. Trust, knowledge, confidence—in a partner, that’s perfect.
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