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.
Many people in Maryland who find themselves struggling in their marriages often wait some time before rushing into the decision to get divorced. This is with good reason given all that is involved in ending a marriage. Among the many factors that spouses might consider when deciding what to do with their marriage is how their financial situation might change. This could involve everyday expenses as well as those paid less frequently such as taxes.