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February 2013 Archives

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What about the retirement accounts?

The valuation of assets in a divorce can be critical. But, when a person thinks of their most valuable possession, what is the most likely answer? For some, the answer might be the family home and accompanying real estate. However, according to a recent article, for many the answer is their retirement accounts and pensions. Not giving these assets their due during the division of property could be a big mistake.

Actor seeks alimony modification

Of all the issues that come up in a divorce, spousal maintenance can be one of the touchiest areas. Spousal maintenance, commonly known as alimony, has been a hot topic in recent years, as our society transforms to one in which both spouses work full-time and increasingly produce similar incomes. Although alimony laws vary by state, most of the time the issues to be decided include whether to award alimony at all, and if so in what amount. Alimony awards can vary from temporary agreements that allow one spouse time to get on their feet as a single person, to lifetime awards when marriages are long in duration. And, the amount of the alimony award can be significant, especially when the divorce involves a wealthy couple.

Tax laws could impact division of assets in a divorce

As if the divorce process didn't already have the potential to be protracted and complicated, new laws that took effect at the beginning of the year may have a significant impact on the process for many people. Of all the issues in a divorce, property division usually has the potentially to be the most contentious. Now, with new tax laws in effect, it could get even worse.

Will spousal maintenance become part of your divorce?

When people get married, most do not think of what life will be like with their partner 10, 20 or 30 years down the road. Although our Maryland readers would think that most people get married believing that they will live "happily ever after," most people know that the current divorce statistics say that about half will be disappointed. Still, a divorce can be a new beginning, and for many that is just the opportunity they are looking for- a chance to put the past behind them and move on with life. However, some will encounter a legal obligation they never saw coming - alimony.

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