Several parents in Maryland work hard to send their children to college. However, those very same parents might not plan for unexpected events, such as the death of either spouse or the divorce of both parents. Yet, this is surprising given how many married couples end up going to divorce court: As a matter of fact, it is estimated that four out of ten marriages get dissolved at some point.
Although each case of divorce is unique, Maryland couples who choose to separate often find that they share common traits with troubled marriages throughout the country. Insider has published some data regarding common reasons for divorce, and the results show that many of the top causes are the same today as they have been in years past.
College and graduate students in Maryland and throughout the country may not have a lot of assets when they get married. However, it can still be a good idea to create a prenuptial agreement. This is because students may have debt that they will bring into the marriage. Those who are in law or medical school may have a significant amount of debt when they get married.
Couples in Maryland often have valid reasons for splitting up. Even so, it's generally advised -- as long as an unsafe domestic situation doesn't exist -- that spouses who've reached a point where divorce is being discussed take a moment to consider the full financial implications associated with untying the knot. This doesn't mean that couples should stick things out just to avoid financial challenges. However, it never hurts to be fully informed about what a newly single life may actually look like.
It's not unusual for individuals in Maryland to resolve to make improvements in their lives with the start of the new year. For some married couples, this includes a personal resolve to end a marriage that's no longer working. In fact, so many couples opt to kick off the new year by untying the knot that the first Monday of January is unofficially referred to as "Divorce Day" by family law attorneys.
For more than 70 years, Maryland residents and others who receive alimony were required to claim it as income. Those who paid alimony were allowed to use it as a tax deduction. However, this is no longer the case as of the first day of 2019. Other changes to the tax law related to mortgage and SALT tax deductions could also play a role in how a divorce settlement is structured.
It is not unusual for divorcing couples in Maryland to have some credit card debt. This debt, particularly debt from joint credit card accounts, will have to be addressed during the divorce process. Unfortunately, doing so can be challenging, largely because many spouses do not understand the ramifications of repaying unsecured debt after a divorce.
Many people in Maryland file for divorce every year. Most individuals hire an attorney when filing for divorce to ensure that they are treated fairly in court. Some people are also turning to "divorce coaches" to help themselves get through the emotional side of divorce.
For people in Maryland, divorce can be both emotionally and financially costly. Being aware ahead of time of some of the pitfalls can help a person avoid them. For example, some people may think they will feel better if they spend money on a big, expensive item. They might temporarily improve their mood, but they will then need to pay the bills.
Divorcing parents in Maryland and around the country often enter into property division and spousal support discussions with very firm objectives. However, they are generally able to put whatever animosity they feel aside when the welfare of their children is at stake. There are steps that parents can take to give their children a better chance of emerging from the divorce experience emotionally unscathed.