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January 2015 Archives

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Why a high asset divorce needs a detailed separation agreement


When Maryland couples divorce, they may look to the divorce decree to review negotiations on asset division, child support, child custody and other common divorce issues. However, many lawyers now go a step further and create separation agreements as well. A separation agreement is basically the summary of all the items that the husband and wife have discussed and negotiated on. Our law firm understands the importance of a detailed agreement, and how it is generally a must for something as complex as a high asset divorce.

Importance of proper documentation of alimony payments


In many Maryland divorces, one spouse is awarded alimony, even though it is not a requirement. What is required, though, is keeping proper documentation regarding this form of spousal support. Although most spouses detest having to pay alimony, one benefit is that it is tax-deductible. In a messy divorce, it's not uncommon for one spouse to challenge amounts paid or received. Without proper documentation, the IRS or court could order additional alimony payments or cause the payer to lose his or her tax write-off. Read on to find out what records the payer should keep.

How does a high asset divorce impact my tax liability?


When Maryland couples divorce, there are many issues regarding property division. This is especially true in the case of a wealthy dissolution. There are often multiple homes, stocks, bonds, retirement plans and much more to split up. There are often many disputes about asset division because of the tax implications involves - something that most couples don't think about. Find out how a high asset divorce can affect your tax liability.

How does a pay increase after divorce affect alimony?


One of the realities that Maryland couples will likely face after divorce is that one spouse will be obligated to pay spousal support to the other. In most cases, the monthly payments will last forever - that is, until one of the spouses dies. What happens when the payor ends up with a sizable increase in income decades down the road? Is the recipient entitled to an increase in alimony?

Who should determine asset division - my ex and I or the court?


If you live in Maryland and you and your spouse are headed for divorce, you likely have many questions about the process, especially if you've never divorced before. Depending on how long you were married, you may have accumulated many assets together. Who gets to keep what, and do you have any say in the decision? Believe it or not, you have more power over the final outcome than you may think.

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