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Tips for Maryland divorcees facing asset division issues

The prospect of a divorce can be upsetting emotionally and financially. Both women and men who are in the process of a divorce or anticipating one in the near future should do whatever is possible to best prepare themselves in both respects.

On the financial side, it's important to keep in mind that all marital property is subject to equitable distribution. That is why it is important to know beforehand what each party owns and what constitutes marital property and what does not. It is also important to make sure that each party has credit and funds that are easily assessable to meet expenses that tend to always pop up that could never be completely anticipated during and post-divorce.

Prior to entering any type of negotiation regarding the division of assets, it is essential to educate oneself regarding what factors may influence how the assets are divided, such as the length of the marriage, whether each spouse has worked outside the home during the marriage, and the future earning capacity of each spouse.

It is also important to understand the distinction between the value of a particular asset and it's actual worth. For example, a home may be valued at a certain amount, but in order to determine its actual worth it is necessary to analyze what it will cost to maintain the home. For the sake of transparency, it may be wise to assess the separate values on all of the marital assets.

On the emotional side, it's important to keep one's emotions in check when determining how to divide marital assets and keep the focus on one's individual financial security in the future post-divorce. Consider getting support from a mental health counselor or trusted friend who will serve to listen throughout the process without judgment or spite.

Source: Forbes, "Three Types of Financial Mistakes Divorcing Women Make (And How to Avoid Them" Jeff Landers, Nov. 27, 2012

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