Parents in Maryland who are planning to get a divorce will soon have to do so without the added benefits of certain personal and dependent exemptions. This is because the Tax Cuts and Jobs Act (TCJA) will have a noticeable impact on child support and alimony when it officially goes into effect starting in 2019. In addition to cutting the value of certain exemptions, the TCJA increases standard deductions across all filing status options, including single and Head of Household (HOH).
Even when a Maryland couple realizes it's the right thing to do under the circumstances, divorce is tough on all those involved. In addition to the paralyzing emotional issues to contend with, financial assets must be split and two separate households formed. As problematic as this is for those in their prime earning years, it's often more difficult for couples approaching retirement age.
Marriages in Maryland and throughout the country tend to fail because of issues related to money and a lack of communication. However, creating a prenuptial agreement may make it possible to improve communication and help a couple be more transparent about their finances. It will also lay the groundwork as to how property is divided and whether either party is entitled to spousal support in the event of a divorce.
Couples in Maryland and throughout the country who choose to get divorced may be less likely to fight if they are worth at least $5 million. This is according to a divorce attorney based on his experience as opposed to any objective data. However, he believes that those who have less than $5 million aren't secure enough to not attempt to claim it as theirs.
The details of a divorce can change significantly as couples age. For separations involving people near or in retirement, often referred to as "gray divorces," children are not usually an issue, but financial divisions become more important. It's crucial for couples in Maryland to understand how to properly divide up assets so that both parties will be comfortable once separated.
People in Maryland may be more likely to get a prenuptial agreement than earlier generations. A survey of the American Association of Matrimonial Lawyers reported an uptick in prenuptial agreements over the past 20 years. More recently, there has been an increase in these types of agreements among the 18-to-34 age group, and there may be a number of reasons for this.
After a divorce, parents should make sure that their sole focus is on raising their children together. As long as both parents are fit to be with the child, they should both have a relationship with a son or daughter. There are a variety of tools that divorced parents in Maryland can use to create a civil relationship with each other.
During a divorce in Maryland, former couples may have to determine how their marital property will be divided. Not only can this be an emotional step, but it can also have major impacts on each ex's lifestyle and financial goals. However, those who are proactive when it comes to their future finances may have an easier time moving forward.
It's only natural for anybody in Maryland seeking a divorce to wonder how long the process may take. There is no straightforward answer since many factors will play a role in what's involved with the process. However, there are some basic guidelines that can be used to get a general idea of what to expect. For instance, a couple with no kids and very little assets may have to do nothing more than file the necessary paperwork. This type of divorce could be over as soon as the waiting period is through.
Many Maryland couples who are considering divorce or going through the process might be surprised to hear financial experts recommend that it is best to get rid of the family home. For many people, the family home has strong emotional ties that are hard to break. According to financial experts, the home might be a burden at the beginning of life after divorce, particularly if the owner is struggling to make the mortgage payments.