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Posts tagged "financial support"


When life insurance is treated like alimony

Many Maryland residents pay alimony to an ex-spouse. To most of them, alimony is unmistakable. It's a payment they give to their former spouse on a monthly basis. But to some, alimony presents itself in a different form, but may be treated differently by the court. Case in point: a life insurance policy ordered by the court after a divorce.

Alimony has tax implications in post-divorce life

Of all the reasons and complications leading up to and then constantly intertwined with a divorce, money is often one of the most significant considerations. Some people get divorced over money, and some people only fight about money during the property division part of a divorce. For others, the main fight over money in a divorce occurs when it comes to determining whether or not child support or alimony will be paid - and how much. However, one thing that might not even be part of the back-and-forth between the divorcing couple, but that might have one of the biggest impacts on life going forward, is the tax implications of the couple's newfound filing status.

Spousal maintenance and "co-habitation"

Alimony is an evolving area of family law, for a variety of reasons. For starters, alimony - more commonly called "spousal support" or "spousal maintenance" these days - is usually highly unpopular with the party that ends up being required to pay it. This legal obligation can be quite a burden for someone to pay in addition to other divorce-related expenses, such as legal fees and child support. However, any of our Maryland readers who keep up with news from around the country are probably aware of the fact that many states are beginning to re-evaluate their current alimony laws to see if they need to be modernized.

Have you thought about how a divorce will impact your finances?

Whether a divorce is amicable or contentious, one of the main goals for all of the parties involved is usually to ensure that asset division does not become a sticking point in the process. This is especially true in a high asset divorce. Complex asset division is always a possibility in these types of cases, even more so when the divorcing couple did not have a prenuptial agreement.

What will your assets look like post-divorce?

Sometimes a divorce can be amicable, simple and quick. Sometimes the process can be quite the opposite. But, whatever type of divorce a Maryland resident finds themselves involved in, an almost universal aspect of the ordeal will be determining property division. And, no matter how the division of property ultimately ends up, many times both parties will find themselves in a very different financial situation afterward - this can be true in both simple property division cases and complex property division cases.

New initiatives may help Maryland parents pay child support

Although Maryland residents probably know more about what happens in Washington, D.C. than most other Americans, many may not have heard of the new report that was recently announced by the White House Domestic Policy Council. The report, titled "Promoting Responsible Fatherhood," discusses two initiatives which could impact the child support structure across the nation.

Should alimony be an issue in Maryland divorces?

From our previous posts, readers can probably tell that there are many different facets to pursuing a divorce in Maryland. The more issues a couple has, the more that must be discussed, parsed through and decided before a divorce can successfully occur. One of those issues can be alimony, which is often a contentious discussion when one former spouse believes they are being required to give financial support to the very person they want to break from.

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