It is doubtful that any of our Maryland readers thinks that a person contemplates divorce as a lighthearted and easy decision. For most people, the decision is gut-wrenching. No matter whether a marriage has lasted one year or 20, divorce essentially results in the complete disintegration of what was once a happy home. But, the fact of the matter is that there are probably just as many people in America who stay unhappily married because they don't know what to expect from themselves post-divorce. A recent article recognized that one of the biggest overriding problems for these types of people is one of the largest parts of the divorce process: property division.
Posts tagged "property division"
There are many questions that an individual has to ask themselves when they are contemplating a divorce. For some people the sheer amount of change that would be required in a post-divorce life is enough to make them try harder to keep their marriage together. For others, the promise of a happier life is enough to give them the incentive to make a final push toward filing for divorce. Whatever a person's final decision, however, the issue of property division is likely to be one of the more important considerations.
Many of our more regular readers are probably becoming familiar with all of the issues that can come up in a divorce involving complex property division. In almost every divorce asset division is one of the touchiest issues, ranking right up there with child support arguments and child custody disputes. However, for some couples the division of marital property involves greater concerns that just who gets the house and who gets the car. For some, the assets at the heart of property division are business assets.
When our Maryland readers think about complex property division, they probably envision huge amounts of marital property that is subject to a split, along with numerous bank accounts, the complex valuation of artwork or vicious fights over assets that have sentimental value to both spouses. However, one difficult part of the property division process often gets overlooked: splitting insurance.
Arriving at the decision to file for divorce can be the toughest part of the process for many people throughout the country. The decision itself can be such a major turning point in life that oftentimes a great deal of thought and second-guessing occurs. There can be many factors at play: children and the impact the divorce will have on them; wondering whether or not there are any options left to salvage the marriage; and, ultimately, the deciding point for some people is where their bank account balance will stand afterward.
That didn't take long. As the excitement about the legalization of same-sex marriage in Maryland begins to die down, new issues are popping to the forefront. Hundreds of couples may have rushed to the courthouse as soon as they had the chance to formally legalize their relationship, but now, like a word association game show, comes the next stage: I say "marriage" - you say "divorce."
Our Maryland readers may have seen previous posts here discussing the variety of problems that can be encountered by a divorcing couple in attempting to reach an equitable division of marital property. Of all the issues involved in the divorce process, property division can be the most complicated in many cases. Why is that? Well, oftentimes some assets just cannot be split, and in other instances assets are for the good of someone else - specifically college savings accounts for the divorcing couple's children. A recent article noted the difficulty in dealing with this type of asset and offered a few tips.
When a person begins to contemplate the possibility of filing for divorce it can be a sad - and often scary - time in life. Coming to the realization that the bonded relationship a person was so happy to enter into is now coming to a decidedly undesired end can stir up quite a range of emotions and memories. Some will come to this point and decide to give their marriage another chance to recover. Others will decide that the ties just need to be severed so that each person can go their separate way. Once that hurdle is crossed, practical considerations come into play. And anyone who has been through a divorce probably knows that one of the biggest issues can be property division.
Many of our married Maryland readers may know that property obtained during the marriage is known as "marital property." This property could include bank accounts, artwork or even retirement accounts. For many couples, the assets they obtain together are meant to support them and sustain them throughout their lives. In a divorce, however, these assets will be subject to property division in the absence of a prenuptial agreement.
Each year thousands of Maryland residents make the decision to end their marriages. Although the now familiar term of "irreconcilable differences" can be the official reason that leads a couple to divorce, the reality is that there are innumerable reasons why either one person or both decide that they need to end the marriage. Arriving at that initial decision is one thing, but what's the next step?