Phone: 301-738-7770
Steven J. Gaba
Phone: 301-738-7770

Bethesda MD Family Law Blog

When are your marital assets valued?

A great deal of time can lapse from the moment you and your spouse choose to separate to the date you are actually granted a divorce. Unresolved disputes, multiple complex issues to work through and even the availability of the court may cause your proceedings to be drawn out for months or even years. During that time, both you and your soon-to-be ex-spouse will no doubt begin to take steps towards moving on with your lives in Rockville. What happens, then, to the value of your marital assets during that time? 

Say that your spouse started their own business while you were married. In the time during which you were working through your separation and divorce proceedings, the value of the business increases significantly. Your spouse may argue that it was only after you had separated that the business began to take off, and as such, your interest in it should be determined off of what the company was worth at the time or your separation rather than its current value. 

Reviewing the powers granted to guardians

It is no doubt difficult to watch your loved one's physical and mental health deteriorate to the point of them becoming incapacitated. When such a point is reached, you understand the need for added assistance to ensure that they are cared for, yet seeing them lose their decision-making authority to another can be equally as difficult. A great deal of trust is placed in those who are named guardians, yet many in Rockville have come to our team here at Steven J. Gaba concerned that trust is being violated. You can only know this for certain, however, if you understand what authority an adult guardian is empowered with. 

Per Section 13-708 of Maryland's Estates and Trusts Code, an adult guardian is to be given no more authority than is necessary to provide for the demonstrated needs of their ward. Standard powers that are often given in such a relationship are the right to determine where the ward lives, and to use funds available from the ward's estate to see to said person's room, board, care, and education. The guardian must, however, exercise sound judgment in this so as to conserve whatever excess income they can for the ward's estate. In other words, your loved one's guardian should not intentionally be spending their excess money in the name of care if it is not absolutely necessary. 

Can teens choose which parent they want to live with?

In any divorce proceeding in Rockville that involves children will automatically place the needs and interest of the kids above all else. While determining what those needs and interests may be might require that court officials speak with the children themselves, oftentimes they will be based primarily on the opinions of others. You, your ex-spouse, family counselors and other professionals may offer input, but ultimately what is in your kids' best interest is decided by the judge in your case. The reasoning behind is due to the court not wanting to ask your children to make the difficult choice of choosing you over your ex-spouse (or vice versa). 

The fact that your kids (especially young children) may be at a stage in their lives where they lack the understanding and maturity to make such a decision. Yet what happens when they do? A better question may be at what age does the state recognize a child as being ready to offer a valued opinion? 

Why is the valuation date in your divorce important?

The moment that you and your spouse choose to divorce in Rockwell, the value of your marital assets suddenly becomes very important. Your opinions with how much your assets are worth may differ from those of your soon-to-be ex-spouse, which is why the court will often rely on independent parties to perform valuations during divorce proceedings. Yet more important than who is valuing your marital assets may be when they are valued. 

Why would the valuation date have such significance? Imagine that your spouse established a business (with your assistance) during your marriage. Given your role in getting the company off the ground, you may be entitled to an ownership stake in it. Yet if tensions between you and your ex-spouse are high enough, they could reasonably attempt to sabotage or neglect their business in order to keep you from profiting from it. 

High-asset divorce during the holidays

If you are getting ready for divorce as someone with a high net worth, there may be a variety of special considerations related to your circumstances that you will want to explore. For example, you may need to pay particular attention to some of the financial aspects of the divorce process, such as the division of your assets. Not only that, but you may have to work through other hurdles, especially during the holiday season. Some people want to move forward with their divorce regardless of the time of year, which is fine. However, it is always smart to prepare.

The holiday season can create a number of challenges for those who are in the middle of a high-asset divorce. For example, if you have kids and attend a family party, you may have to explain the situation to your children and to some of your family members. People often feel stressed out during the holidays for various reasons and you may be a business owner who is especially busy over the holidays. From issues with staff members to daily chaos due to heavy traffic, this can be a very demanding time of year in certain industries.

How can I create a solid parenting plan with my ex?

Co-parenting is rarely easy for families in Maryland once a divorce has taken place. However, creating a solid co-parenting plan is a step in the right direction, as it will provide a sound framework should you run into any disagreements. To ensure your parenting plan is a success, Very Well Family offers the following tips.

Have the right mindset

How can I maintain the peace during the holidays?

Maryland couples who’ve recently gone through a divorce may be dreading the upcoming holiday season. After all, things like scheduling and navigating family conflict can be extremely difficult, especially when the pain of separation is still fresh on a couple’s mind. That’s why VeryWellFamily.com recommends the following advice, which can help you keep stress to a minimum for you and your children.

Consider having your own celebration

How can I keep my house after a divorce?

If you are approaching the end of your marriage in Maryland, you are no doubt concerned about what assets you might lose in the process. You may also be worried about the prospect of having to move out of your family home, especially if you have young kids who live with you. While many couples do end up selling their homes during a divorce, it may be possible for you to keep yours. Before you make this decision, however, it is important that you understand what may be involved in making this happen.

As explained by Bankrate, the first thing you should know is that if you currently have a joint mortgage, both you and your spouse will remain legally responsible for that debt unless your lender agrees to remove your to-be former spouse from the loan. If your bank will not agree to do this, you might then want to consider obtaining an all-new mortgage in your name only.

Passing on the potential of being an adult guardian

Witnessing a family member or friend having to deal with the restraints of incapacity can be heartbreaking. Most value their independence, and as such, also want others to enjoy theirs as much as possible. Yet sometimes, intercession is often required in order for one not fully capable of supporting themselves to be protected. Accepting the responsibility of acting as a guardian, however, can be quite a challenge. 

The priorities of appointment for adult guardianships have been detailed on this blog in the past. A quick review of them reveals that the courts favor family members or those with whom the proposed ward already has an established relationship. For some of those legally viewed as being the best to assume the role of guardian, the job may seem too overwhelming. In such a case, the need to protect the ward must be balanced by the reluctance to not overburden another with such an awesome responsibility. Fortunately, the law offers a potential solution. 

Is joint custody right for you?

As a parent in Maryland who is soon getting a divorce, you have plenty of questions that you'll need to ask yourself. How do you want to proceed? What property will you split? And more importantly, how will you and your partner handle raising a child together after the divorce?

Joint custody is one of the many options available. FindLaw defines it as a custody situation in which both parents share an equal amount of rights and responsibilities. This can apply to two things: physical custody and legal custody.

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