Same sex couples seeking divorce need financial facts

For any couple heading toward divorce, it may be a time of uncertainty. When it comes to finances during and after a same-sex divorce, couples face the same fears as any other Maryland couple faces. It is important for couples to prepare their financial lives for divorce just as much as they may prepare their emotional lives.

The first thing a couple may want to do is to make an accurate list of assets. It is important to note that assets include more than the family home and cars. Assets also include bank accounts, money market accounts and employee benefits. Personal items, such as collectibles, may also need to be listed. This can help both parties get an idea as to how much property there is to divide.

Couples may also benefit from outlining an honest assessment of expenses. This may include keeping careful track of credit card receipts, ATM withdrawals and items needed each month. This can help both parties realize where they may need to cut back as they may essentially be going from a two income family to a one income family.

By having a clear picture of their financial reality before divorce, any Maryland couple in the divorce process can feel better prepared for what the future may bring. Knowing the cents and dollars may play a role in what kind of work one party may seek or what kind of living arrangements one might seek also. Having the ability to organize the necessary documents and paint a clear picture of the financial reality everyone involved in may be facing can ensure a more timely and accurate outcome.

Source: cnbc.com, Getting divorced? Get organized first, Valerie Adelman, March 9, 2014