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Lack of financial knowledge can impact a high-asset divorce

Divorce can be very stressful and very expensive. There are steps that a person in Maryland can take to help assuage the financial stressors that can occur in a high-asset divorce. One of the most important things is to have awareness regarding both long and short-term finances.

A recent study by Fidelity showed that lack of knowledge of day-to-day expenses caused significant problems for those people post-divorce. Financial recovery took significantly longer than for those who were familiar with the day-to-day household budgets and expenses. Likewise, a lack of familiarity with long-term financial planning and retirement savings led to challenges in post-divorce life.

There are steps that can be taken to ease the transition to a potentially smoother and quicker financial recovery following a divorce. Find out as much information as possible regarding household finances, both long and short term. Communication is also key. Conversations about money can be difficult but if it’s possible, it can be very beneficial in the long run. If the relationship is still amicable a frank discussion on finances is usually worthwhile.

Facing divorce is never easy and if the situation is contentious that makes it all the more difficult. In high-asset divorce situations in Maryland resolving financial issues might become challenging. A person who is considering divorce could benefit from a discussion with an experienced family law attorney who can review the financial situation and make suggestions for reaching a fair settlement. An experienced family law lawyer can also serve as a calming presence in what can be a very stressful situation.