Financial decisions during divorce have lifetime repercussions

On behalf of Jeffrey N. Greenblatt of Joseph, Greenwald & Laake, PA posted in High Asset Divorce on Friday, February 28, 2014.

People in Maryland may have seen a recent article about divorce, and the financial aspects of untying the knot that should have people thinking long and hard about their decision. Divorce is often an extremely personal and emotional decision, and these emotions can sometimes influence people to act in a way that doesn't benefit them in the long run.

Knowing what property interests a person wants to pursue in the divorce settlement, having a plan in place, and separating the emotional aspect of the split from the business side of things are all key components of a successful divorce strategy. It can be a daunting task, but fortunately, people don't have to go it alone. With the help of an experienced divorce attorney, people can handle their divorce in a professional, and ultimately beneficial, manner.

According to one divorce attorney, keeping a cool head and doing one's homework is essential. In short, treating a divorce like a business decision is a very smart move. "If a successful businessman is buying or selling a subsidiary, he will go into long consultations, look at the charts, have meetings with his colleagues, employees and financial people. In a divorce, frequently, he will act out of anger or passion, and will make a life-altering decision in the blink of an eye," said the attorney.

In a complex divorce, there can be a lot of assets at stake. In Maryland, each spouse is entitled to a fair share of the marital property, which generally includes most assets accrued by each spouse during the duration of the marriage. People considering a divorce should immediately contact a family law attorney with experience in complex divorce to develop and kick their divorce plan into action. It may be the best "business" decision they make in their entire lives.

Source: Fox Business "The Unintended Consequences of Divorce," Gerri Willis, Feb. 14, 2014