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May 2018 Archives

Gray Divorces Are on the Rise

Across Maryland and the rest of the United States, the overall divorce rate has stabilized in recent years. After years of a steady increase in divorces, this figure now remains steady. However, the divorce rate for couples over fifty is an anomaly, having dramatically increased in recent years. These so-called 'gray divorces" now account for one out of every four divorces nationwide.

Planning for college expenses after divorce

For many Maryland parents, planning for their children's college education may be a costly and burdensome process. This can be exacerbated in the case of a divorce, especially when parents are dealing with many other significant financial concerns during asset and property division. Whether a couple is well-off or struggling for funds, a divorce can be an important time to revisit financial planning decisions about higher education and other key issues that can arise for family finances.

How to avoid excessive legal fees during a divorce

When Maryland residents think about the financial implications of divorce, many focus on how dividing property, bank accounts, and other assets as well as alimony and child support payments will impact their finances. However, the expense of the actual divorce is often overlooked. Depending on the particulars of the divorce, it can cost between $5,000 to over $1 million to get divorced in the United States.

Prenuptial agreements can help protect family wealth

Prenuptial agreements can be an important concern for people in Maryland heading into marriage with significant family wealth. Unless the concept of a prenup was regularly discussed by and normalized in the family, many people may feel awkward, uncomfortable or mistrustful raising the issue of such an agreement. At times, parents may try to force their children into a prenuptial agreement, creating even more stress. This could be the case even when the parents are well-intended and looking to protect family wealth from being divided unnecessarily.

The complexities of a business owner's divorce

For entrepreneurs in Maryland going through a divorce, dealing with the family business can be one of the most complicated parts of property division at the end of the marriage. Asset division is already one of the most contentious aspects of the divorce, and the involvement of a business may only intensify the complexity of the situation. One of the most important questions that can help both spouses to move forward in the process is determining the valuation of the business itself.