Preparing for life on a single income takes planning

On behalf of Jeffrey N. Greenblatt of Joseph, Greenwald & Laake, PA posted in Property Division on Monday, March 4, 2013.

Maryland residents who are planning for a divorce will need to sort through many different issues. The emotional turmoil of a divorce can also take a toll, leaving people stressed out and possibly unable to take care of their daily responsibilities as normal. Even though a divorce may very well be the best thing for a person in the long run, the process itself can sometimes be tough to deal with.

People who plan for their divorce financially may be able to avoid a good deal of extra stress. Because property division and the split of marital assets often doesn't happen until the end of the divorce process - or, in some cases, until months afterwards - people who plan for this potentially rough financial period may well be better off.

People should plan for life with a single income, whether that income is derived from work, spousal support or another source. Single life may mean paying more in household expenses, as well as a bigger squeeze at tax time. If people don't adjust their spending habits accordingly, they could find themselves in an unsustainable financial situation. By knowing what to expect in the future, a person going through a divorce can tailor the divorce settlement to best ensure their future financial security.

It's also important to keep some emergency funds on hand for expenses both leading up to and during the divorce. Joint accounts may be frozen or blocked during a divorce, so keeping a separate "divorce" fund is always a good idea. With a little planning people can make the divorce process much easier on themselves.

Source: Sitnews, "After the divorce - so, now what?," Mary Lynne Dahl, Feb. 24, 2013