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April 2013 Archives

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Maryland residents should expect financial change after a divorce

When a person begins to contemplate the possibility of filing for divorce it can be a sad - and often scary - time in life. Coming to the realization that the bonded relationship a person was so happy to enter into is now coming to a decidedly undesired end can stir up quite a range of emotions and memories. Some will come to this point and decide to give their marriage another chance to recover. Others will decide that the ties just need to be severed so that each person can go their separate way. Once that hurdle is crossed, practical considerations come into play. And anyone who has been through a divorce probably knows that one of the biggest issues can be property division.

The family home as part of the marital property

Many of our married Maryland readers may know that property obtained during the marriage is known as "marital property." This property could include bank accounts, artwork or even retirement accounts. For many couples, the assets they obtain together are meant to support them and sustain them throughout their lives. In a divorce, however, these assets will be subject to property division in the absence of a prenuptial agreement.

What preliminary steps should you take prior to a divorce filing?

Each year thousands of Maryland residents make the decision to end their marriages. Although the now familiar term of "irreconcilable differences" can be the official reason that leads a couple to divorce, the reality is that there are innumerable reasons why either one person or both decide that they need to end the marriage. Arriving at that initial decision is one thing, but what's the next step?

Same-sex marriage is legal in Maryland - what now?

There is a battle raging in America today. No, there isn't a foreign invader or an insurgent rebel force. The battle is an ideological and cultural fight. On one side there are proponents of same-sex marriage, arguing for equal treatment before the law. On the other side there are proponents of traditional marriage, which they define as marriage between only one man and one woman. Recently, this issue was being contested on perhaps the last and most crucial battleground, the Supreme Court of the United States. The Court's decisions on two pivotal same-sex marriage cases could prove decisive. However, regardless of the outcome in these cases, same-sex marriage has already been legalized in nine states, including Maryland. As result, family law issues concerning same-sex couples will continue to arrive before the state courts, and these issues could bring a unique kind of dilemma.

Billions potentially at stake in couple's asset division

Many of our Maryland readers are probably familiar with the annual listing by Forbes of the richest people in our country. There is usually an overall list of the richest people, as well as breakout lists by category, such as the richest athletes or movie stars. The most recent list of the richest Americans included Harold Hamm, who Forbes has reported is worth approximately $11 billion. Unfortunately for Hamm, he has made news headlines recently not because of his many accomplishments that landed him on the Forbes list, but for his impending high asset divorce.

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