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 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.
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.
Maryland fans of the TV show "Splitting Up Together" may have already been introduced to the concept of bird nesting. This happens when a couple gets a divorce but the children remain in the home while the parents take turns living there. The actor Josh Lucas, who split up with the mother of his 5-year-old son, has also discussed the success of the arrangement.
Divorcing Maryland parents are generally more concerned about the welfare of their children than any other issue. The court system requires a parenting plan, which typically details specifics regarding child visitation and financial support. It also designates who will be in charge of major decisions regarding the children's medical and educational paths. While the parenting plan provides a broad outline, much is left to the parents regarding how they interact with each other and the children. Psychologists and therapists have formed a general consensus about how parents should deal with children in the aftermath of divorce.
Those going through a divorce in Maryland know that it can be a stressful and expensive process. In addition to ending a relationship and the issues inherent to separation, a court process adds to the stress. Contentious hearings can be difficult on parties and costly, and a party never really knows whether a court will rule in his or her failure.
Maryland residents who plan to get divorced should take some steps to prepare before they file. Getting their finances organized can make the process much easier.
A retirement account might be one of the most valuable assets a Maryland couple needs to divide in a divorce. To avoid paying unnecessary taxes and penalties, it is important that the spouses take steps to divide the accounts correctly.
The rate of divorce for Maryland residents and others who are 50 and older has doubled in the past 25 years. Those who get divorced can benefit from taking steps such as inventorying their assets or asking for alimony as a lump sum payment as opposed to a monthly check. Asking that a former spouse take out a life insurance policy may also protect alimony payments.
People planning for marriage in Maryland may be considering a prenuptial agreement but are concerned about the potential emotional fallout of the decision. Some individuals may fear that considering a prenup sets them on the road of preparing for divorce long before their marriage vows are completed. In some cases, it may seem as if one partner's family is putting pressure on the relationship and hoping for a failure. Despite many of the negative stereotypes and beliefs that persist around prenuptial agreements, when handled well, they can bring a couple closer together.