When a marriage ends, there are a vast number of life changes that occur. Some of the changes may be welcome and others may be a harsh wake up call. Any Maryland couple going through a divorce may want to follow the advice given in a recent article pertaining to the financial changes that can occur when a couple divorces.
Alimony is evolving and changing in many parts of the country. Anyone divorcing in Maryland will want to know for sure how much and for how long they may be looking at as far as payments are concerned. Along with alimony, retirement accounts may be split and this could greatly alter one party’s plan for those golden years.
It may be necessary for one party, or both, to consider a new job or change in career path to adapt to being a one income party compared to what may have been earned as a couple. This could mean going back to school or even starting a new business. Downsizing the family home may be a necessary or welcomed change for couples, as it can mean less in utilities and also a smaller mortgage.
There are many opportunities for couples to start over again on their own and adapt to life after divorce with a different income level than they may have expected or hoped for at this stage of life. The more both parties plan and know what to expect, the easier those changes may be. Maryland couples may want to adjust their budgets or know for sure what the changing bottom line will be before they need to alter their lifestyle too much.
Source: foxbusiness.com, ” How to Financially Readjust for Post-Divorce Life,” Andrea Murad, Aug. 2, 2013