Maryland residents like you who are getting a divorce will need to keep an eye on your finances, especially if you have a high number of assets. This is because a spouse may be tricking you in order to hide assets so they don't have to give you an equal share.
Couples who make the tough choice to end their marriages know that the road ahead can be challenging. If you and your spouse in Maryland are in this position, it will be important for you to know how to advocate for your rights through every step of the process. A lot of attention in a divorce can be placed on who will get what asset. This may be a house, a vacation home, a boat, a retirement plan or something else. However, it is equally important for you to educate yourself on how debts may be split.
Student loans have become almost essential for many people attending college today. There is a large number of Maryland residents who must make student loan payments for several years after graduating. Some people even continue paying student loan debt for decades if they have gone on to graduate school or professional school, like medical or law school. It is also not unusual for a person to be married and still take out student loans to pay for these degrees. Your spouse may be one of these people.
If you and your spouse in Maryland have made the hard choice to end your marriage, you know that now it is time to turn your attention to the logistics of untangling your lives. The experience of getting divorced touches every fiber of a person's life and the outcome of the final divorce settlement can have a major influence on their future life and lifestyle.
One of the most important things in a high-asset divorce is properly figuring out your net worth as a couple. The Maryland court will expect that you do a complete job of determining the value of all your assets so they can be properly divided. This is where asset valuation comes in.
If you and your high-asset Maryland spouse decide to end your marriage, you should be aware that some spouses attempt to hide marital assets during a divorce so as to not only prevent their spouse from getting his or her rightful share of them, but also to enhance their own post-divorce financial situation. Unfortunately, asset hiding by greedy and/or vindictive spouses during a divorce is not at all uncommon.
Divorcing residents in Maryland who are over the age of 50 or even over 60 when their marriage ends should take the time to consider just how their financial world will change. Getting a divorce when near or at the age of retirement can have severe financial consequences for people. No longer will they have the nest egg they thought they would have to retire on as assets will likely be split in some fashion during the divorce.
As soon as the turkey leftovers are put away, many people in Maryland turn their attention to their Black Friday shopping trips. This year, however, instead of hopping in their cars and rushing to the malls, some people might be rushing to get their divorces completed before the calendar turns to 2019.
In order to get a fair assessment of your marital assets in a Maryland divorce court, you have to report all your assets. While you may be completely honest, your spouse may try to hide assets. It is important that you watch out for any activity that may be a sign he or she is trying to hide something from you and the court. If an asset is not revealed during the course of your court proceedings, it will not be including when the assets are divided and awarded by the court.
Divorce is not something that anybody goes into marriage planning on. However, as MarketWatch reports, about 2 million divorces are filed in the United States each year and about half of all marriages ultimately end in divorce. With such daunting statistics, it is only prudent for those who feel as though their marriage may be coming to an end to prepare beforehand. Divorce is a major and often stressful undertaking, but doing these three things can help mitigate some of the pressure.