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.
Living together prior to marriage has become a normal arrangement for couples across Maryland and the United States, but a study has shown that this practice is linked to higher rates of divorce over time. The Journal of Marriage and Family has published a study called "Cohabitation Experience and Cohabitation's Association With Marital Dissolution" that examined over 200,000 years of combined marriage data in six waves from the National Surveys of Family Growth.
Certain personality traits may increase the likelihood that Maryland spouse will get a divorce. For example, one problem trait is materialism. A spouse who constantly wants to buy more could put their marriage in danger. Catastrophizing is also a dangerous personality trait. This involves blowing small things out of proportion.
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.