In many states, a couple can file for divorce for any reason at any time during the marriage. Maryland, however, is a little different. A no-fault divorce can only be achieved after one year of a mutual separation. If fault can be proven, such as cruelty or adultery, a couple can divorce right away. This is called an absolute divorce, and when a couple cannot obtain one immediately, there is an alternative: limited divorce.
Posts tagged "marital property"
More and more people are quitting corporate America and becoming their own bosses. While this may seem like the dream life for many Maryland residents, starting a business can be a risky venture. With no regular paycheck to count on, many entrepreneurs work 80-hour weeks and make many sacrifices to keep their businesses afloat. So when their marriages fail, these entrepreneurs may worry about what will become of their business, especially if it is profitable. Will they have to split it 50/50 and have their ex-spouse as a business partner for eternity?
With the divorce rate sky high, many Maryland couples opt to forgo marriage altogether and simply live together. While this may seem to be the ideal way to avoid a costly divorce should the relationship end, asset division is still something that must be considered. Many unmarried couples purchase cars, houses and other big-ticket items together, but when the relationship sours, these couples do not have the same rights or responsibilities as married couples. Because everything is treated as non-marital property, there could be issues regarding division of property if the assets are not titled properly.
Celebrity divorces are nothing new for most Maryland movie fans. However, many may be shocked by the recent divorce filing by Melanie Griffith. She is seeking a divorce from Antonio Banderas, her husband of 18 years. Although the split is reportedly amicable, with $50 million in assets at stake this has the potential to become a complicated high asset divorce.
When a divorce reaches the property division stage of the proceedings, a number of critical factors come into play. For some, items that are up for grabs have sentimental value, thus making it an even harder fight when both soon-to-be ex-spouses are pushing for ownership. For others, there are barely any emotions involved at all, but there are a great deal of valuation questions to be answered. However, one common thread in almost all divorces is that at some point the decisions on what makes up marital property and what is non-marital property have to be made.
When most Maryland residents think about complex asset division in a divorce, they probably envision discussions over how to sell their most valuable asset - the family home - and divide the proceeds. However, in a high asset divorce, the stakes can be much more significant than that from a financial standpoint.
Our readers may have seen a previous post here detailing reports about how the divorce rate in America is increasing even as the economy improves. It seems that this assertion is gaining even more evidentiary support, with another report out recently that states that in 2012 - the last year available for this statistic - the number of divorces in America increased for the third straight year.
For many Maryland residents, actually coming to the decision to proceed with a divorce is the biggest part of the process. Most people know that there will be a somewhat lengthy legal process associated with the decision, but once the commitment is made they are willing to do whatever it takes to dissolve the marriage and move on with life. However, a recent article noted that even after the decision has been made, there are other steps that should be taken to ensure that property division goes smoothly and both parties are left with assets after the divorce is final.
Many people probably have a view of divorce primarily as a way to get a clean break from an unhealthy relationship and move on with life. While this may be true in many cases, the unfortunate reality is that a divorce involves much more than simply parting ways with a spouse, especially if it is a high asset divorce.
Thousands of Maryland residents deal with the various aspects of divorce every day. Some are in the midst of the proceedings, where courtroom battles take place over determining the amount of child support, deciding child custody arrangements and coming to an agreement on property division that results in an equitable division of the marital property. While every divorce is different, many of the same factors are present across the board. Will this be the case with gay couples who seek a divorce?