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.
While Maryland residents may believe that their relationship is over when they file for divorce, that isn't necessarily the case. A person might be required to keep his or her former spouse on a health insurance policy. It is also likely that an individual won't be able to cancel an auto insurance policy or other coverage that both spouses have jointly. Former spouses may also need to live with each other temporarily until they can afford to live on their own.
A child support order is typically based on the wages of both parents when the order goes into effect. If the parent paying support loses their job, there are a couple of options available to them. It's important for Maryland parents to understand that their obligation doesn't stop while they are unemployed. Being proactive may help a noncustodial parent avoid the consequences associated with nonpayment.
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.
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.