After 21 years of marriage, my wife has dropped a bombshell: she wants a divorce. Our joint assets include a house with nine years left on the mortgage and a substantial savings account, which we’ve used for emergency funds, college tuition, and living expenses for our son. Her proposal is to use the entire savings to buy her own place, while promising to help me with the mortgage payments on our current home. However, this would leave me struggling to cover household expenses on my own, given her higher salary.
I’m terrified of losing my job and being left with no financial safety net. The savings account is in both our names, but I’m unsure if it should be split 50/50 or used to pay off the mortgage. Her plan seems precarious, and I’m worried about being left with nothing.
It’s essential to prioritize my own financial security and independence in this situation. I need to safeguard my assets and consider consulting a lawyer to understand my rights, especially since Maryland is not a community property state. I should also take inventory of our life insurance policies, retirement accounts, and beneficiaries.
Negotiations will be crucial, and I must know what I want before entering them. I should consider freezing our joint bank accounts and think creatively about the division of assets, including any potential renovations to the home. Ultimately, I need a clean split that ensures my financial stability and peace of mind.
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