When you get divorced, marital property is divided. However, it's important to remember that not everything you own counts as marital property. Some of it may count as separate property that only belongs to you or your spouse and therefore does not have to be divided.
Posts tagged "property division"
Divorces that occur later in life, after the age of 50, are usually referred to as gray divorces. These divorces can be a little more complicated compared to the ones that happen earlier in life, before wills, trusts, and inheritances come into play for most. Here are some common divorce issues that arise when splitting up later in life.
If you're headed for a divorce, one of the issues you will need to consider is the financial implication. Just how a divorce will impact the way you live your life financially will vary, depending on the lifestyle you currently have and what each of you is asking for in the divorce resolution. Fortunately, there are things you can do to make sure you start off the next phase of your life in the under the best possible circumstances.
Going through a divorce can take its toll emotionally, but there are plenty of other factors to consider, as well. One of those factors is what should be done with the family home. While in some cases it makes sense for one spouse to keep it, in other cases, it is better for the home to be sold and the spouses to split the proceeds. There isn't any one-size-fit-all solution when it comes to family homes, and each divorce is different. By working closely with an attorney, you and your spouse can determine the best course of action for a family home during divorce. Here are some issues to consider:
There are many things to carefully consider in a divorce, and one of those things is how to divide assets. For people who are nearing retirement age, dividing up the retirement accounts is a big piece. The rise of "gray divorce" has required baby boomers to think more about this issue, and to determine what is fair and just when it comes to these accounts. Pensions and retirement accounts are often fought over during a divorce, which can turn an otherwise relatively neutral process into one that's very contentious. Understanding the challenges related to a gray divorce can make the process run smoother.
Divorce can leave you feeling vulnerable. However, it's important to focus on financial details during this time as your future depends heavily on your divorce settlement. Your legal counsel should be experienced in the division of marital and separate assets, and have a passion for advocacy on behalf of their clients. "Equitable distribution" is not the same as an even 50/50 split of all assets, so pay attention to financial matters throughout your divorce proceedings.
One's path in life in never guaranteed. Even the most diligent planners could find the course of their lives changed dramatically in the blink of an eye. Sometimes the reason for the change is the end of a marriage. Among other ways, a divorce could change the financial situation of those involved, as well as the amount of time each parent spends with children, if there are any.
Couples are choosing to live together, without marriage, at increasing rates. Every year the number of unmarried cohabitating couples increases. If these couples break up, it can be messy and confusing. Unlike marriage, many cohabiting couples do not understand the legal rights and responsibilities of sharing property. This can lead to confusing break-ups and complex asset division issues.
We've all seen it before: a television drama in which one spouse, hurt by the fact that they are going through a bitter divorce, takes revenge on their partner by destroying marital assets and frivolously spending money so that their partner gets less when property is divided. Despite the fact that the situation is made up, we often empathize with the characters because we know that divorce can turn ugly and emotional. That's why we don't question the fact that a scenario such as this could easily happen in real life.
Even though Maryland is an equitable distribution state, property and assets are not necessarily divided equally during divorce proceedings. A lot of things are taken into consideration by a family law judge, all of which can play a major factor in what spouses get in the split and how much.