A Maryland divorce is difficult for all involved. Many Maryland residents are scared of the process for several reasons. They may be afraid of being labeled a failure. They may be scared of having to split money and other beloved assets. They may also be worried about the effects of divorce on their children. These are all valid concerns. The good news is that we can help, no matter how complex your divorce may seem.
Posts tagged "divorce"
Maryland is a fault-based state, meaning that there must be legal justification for a divorce. One valid reason is adultery. Although cheating can impact child custody and other parts of a divorce, alimony is one thing that is not affected. This means that, unfortunately for the spouse who was cheated on, he or she may still have to fork over monthly spousal support payments according to Maryland state law.
Maryland is an equitable distribution state, which means that assets are distributed fairly - but not necessarily equally - in a divorce. While a businessman may not necessarily have to give up half of his business when his marriage ends, he might still stand to lose a large percentage of it. This can be disconcerting to an entrepreneur who has invested a lot of time and money into a company. He might turn to desperate measures to hide some of his profits from his soon-to-be ex so she can't get a hold of it. However, this lack of disclosure can actually cause more harm than good.
In many Maryland divorce cases that involve children, one parent typically has sole custody with the other parent receiving visitation rights. However, in some instances, both parents want to share custody of the children. While the courts typically look at the best interests of the child when deciding on child custody cases, communication is also a key factor when it comes to joint custody. Both parents must be able to amicably make decisions that affect the care and upbringing of their children. Read on to learn more about the other factors used to decide if joint custody is a viable option.
When Maryland couples divorce, one party may be able to receive spousal support. This is especially true if one spouse worked while the other stayed home to raise a family. Alimony may also be awarded if both spouses worked, but one earned significantly more than the other. There are two main types of alimony: rehabilitative and reimbursement. This post will discuss these alimony types and when they are awarded.
Unfortunately, when some Maryland couples divorce, they involve the children way too much. They may try to get the kids to side with one parent by bashing the other parent. They may want to be the custodial parent so bad that they say hurtful things about the other parent, damaging the child's relationship with both parents in the process. The truth is that children need to be kept out of child custody issues during a divorce, and there are several reasons why.
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.
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.
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.
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?