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February 2016 Archives

How a financial planner can be helpful

Maryland residents who are seeing their marriages come to an end may need a financial planner to help them get a handle on their money situation and avoid being taken advantage of during a divorce. Too often, people wait until after a divorce to consult a financial professional, and by that point, the damage may have already been done.

How child support affects taxes and exemptions

Maryland parents who pay child support cannot claim the child as a dependent unless they have a written document from the custodial parent agreeing that they will not claim the child on their taxes. Eligibility for the dependent tax exemption is generally based on with who the child lives and not on who provides the bulk of support. For the noncustodial parent to receive the exemption, it is also necessary for both parents to sign IRS Form 8332 which is then filed along with the noncustodial parent's tax return.

Divorcing individuals may feel conflicting emotions

While Maryland residents expect to be sad or angry when they are going through a divorce, there is a wide range of other emotions that they may feel as well when their marriage ends. Some of these feelings may be surprising, and they may also conflict with each other. People who divorce may feel relieved one moment and sad the next, they may be surprised how much they miss their in-laws and they may miss their married life.

Ensuring fair financial asset division in Maryland divorce

Maryland residents who find themselves close to getting divorced should keep in mind that there are several ways to help keep their spouses from taking advantage of the situation and taking everything. For example, it is important for everyone facing divorce to find an experienced lawyer. This is especially necessary if the other spouse is expected to play dirty and attempt to get out ahead instead of going for an equal split. It is likely that the other spouse will hire an experienced lawyer in an effort to protect his or her assets.

Study shows not all families receiving child support owed

Some parents in Maryland who are raising a child may be entitled to receive regular child support payments from the other biological parent. However, due to a number of factors, these payments are not always made. Research conducted by the U.S. Census Bureau provides an interesting look into the state of child support payments.