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.
Most people in Maryland would agree that a divorce regardless of the nature of the circumstances is never a simple experience. It tends to rock a person at the most fundamental level and even forces them to realign their hopes and dreams for the future. When a person getting divorced is married to their business partner, things can get even more complicated quickly.
Maryland spouses who are contemplating divorce but also struggling with serious debt may logically wonder if filing for bankruptcy is a good option for them. In addition, they may want to determine the best timing for a bankruptcy relative to their divorce to know which should come first.
If you and your spouse in Maryland have come to the conclusion that your marriage is no longer working and is beyond repair, you are now at a point where you have to make some major decisions. If you own a home together, what to do with your house will be one of those decisions. It is not uncommon for people to want to work hard to save their homes and stay in them, especially if they have young children. However, that may not be in your best interest.
It is true that divorce proceedings in Bowie can often get complicated, but there are times when that might be necessary. For as much as you do not want to drag out your divorce proceedings, you also want to ensure that whatever assets are shared between you are indeed divided fairly and equitably. One of these is your 401k. Depending on how long you have worked, this could be one of your most valuable assets. Many in your same position have come to us here at Reinstein, Glackin & Herriott asking for advice on how to best split this asset. Unfortunately, there may not be an easy answer to that question.
For Maryland residents going through this complex life chapter, divorce is typically no cake walk. Difficulties can arise especially within high asset separations, which can require extra time and consideration. While ex-spouses can agree on some aspects, there are other issues that seem as if they will never be resolved. Below are some typical concerns in regard to high asset divorce and some of the most commonly made mistakes.
Residents in Maryland can file for either a no-fault divorce or a fault divorce. The former may require a separation period of a full year before the absolute dissolution of marriage is granted. However, if grounds for a fault divorce can be proven, you may be able to obtain the divorce faster in some cases. It may also help in the division of marital property or determining spousal support.