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How to prepare for a divorce

| Jul 13, 2021 | Divorce |

If you’re planning on leaving your spouse, it’s generally a good idea to have a plan in place prior to serving the divorce papers. For example, you may want to speak with a Maryland divorce attorney to learn more about what you might receive in a final settlement.

Gather financial documents

One of the most important steps in the divorce process is gathering documents such as bank statements, credit card statements and income tax returns. These documents may help you determine how much your household is worth, which may make it easier to determine if a settlement offer is worth accepting. Furthermore, financial records may be used to bolster your claim to alimony payments, child support payments or other forms of assistance.

Create a budget

During the divorce process itself, you may be allowed to remain in the family home. However, after the marriage officially comes to an end, you may be required to find a new place to live, and it may be necessary to make a rent or mortgage payment by yourself. Furthermore, you’ll likely need to buy your own food, purchase a vehicle or acquire health insurance in your own name. Knowing how much it will cost to live on your own may help you determine if you can afford to retire, save for retirement or meet other financial goals. If you believe that your marriage is coming to an end, it may be a good idea to consult with an attorney who may be able to help you obtain alimony, child support payments or a significant share of marital assets.