Maryland residents may already know that one half of all first marriages end in divorce, and approximately 65% of second marriages end in divorce. In addition to these statistics, divorces are becoming more and more or an issue for individuals who are nearing retirement age. Women are statistically at a financial disadvantage when a high asset divorce occurs, although this is changing as more and more women surpass men in earnings.
Everyone can benefit from some important tips to secure their financial well-being following a divorce. First, it is important to get through the emotional rollercoaster before attempting to make important financial decisions. Secondly, professionals in the areas of taxation and financial planning may be very beneficial in sorting out the best strategy for the future. It is also important for anyone that is facing the possibility of a divorce to calculate their net worth accurately, prior to negotiating a settlement regarding asset division.