From an outsider's prospective, getting the house in a divorce may be seen as a major victory. After all, for most couples, their homes are their most valuable assets. Plus, for those parents that retain custody of the kids, it's nice to still have adequate space to accommodate them. Yet in many cases, getting the house as part of a property division settlement can be as much of a curse for some as it is a blessing for others.
Among the 99 percent, the economy may not feel like it's booming, but the worst of the Great Recession now appears to be over. At the very least, consumer spending is on its way back up -- last month the U.S. Department of Commerce reported the largest increase in consumer spending in the last eight years.
Maryland residents who have ever gone through a divorce know that sorting out financial issues can be a complex process. Those who are considering a divorce may wish to consider some of these potential pitfalls ahead of time. One consideration is whether a spouse's business credit card debt could have any affect on a soon-to-be ex's own credit rating. One woman who wrote in to a well-known media outlet wanted to know if her credit rating could take a hit in the event that the husband she was divorcing failed to pay his business credit card bills on time.
Hindsight is always 20/20. As such, many who have gone through divorce wish that they had done certain things differently. In many cases, Maryland spouses undergo difficulties associated with cash flow during the divorce process, and wish that they had set aside funding to weather the timeframe between filing and the final settlement. However, the decision to create and maintain a 'secret' divorce fund has both benefits and risks.
There are many costs associated with divorce for Maryland parents. When determining child custody, there are several other things that must be agreed upon. Child support as well as many other nuances like health care and insurance coverage must be addressed. Some sources recommend that parents consider the longer term costs associated with raising children before the legal aspects of divorce ensue. Doing so, along with getting a head start at co-parenting, may help build a stable family unit for the divorce process and beyond.
Divorce affects every Rockville couple differently, though the one constant that every couple faces is that divorce alters their financial situation. Whether it is losing one income, paying child support or spousal support, or dividing certain assets, the financial implications of divorce are very real. One thing that couples may benefit from considering is how their financial situation will stand in the weeks and months following the divorce.
Maryland couples considering divorce have options available to them as they pursue the dissolution of their marriage. One of the options is a legal separation which can specify details of arrangements such as child custody, property division, and more in the event that the couple moves into divorce. The second option is moving straight into the divorce process. Both of these options can have a significant impact on a couple's financial situation, but many couples may not understand the difference.
Dissatisfaction in marriage can appear at any age; however, for women over 50 the complexities associated with considering or moving forward with divorce may be different than that of their younger counterparts. The AARP has released data showing that two-thirds of the divorce cases involving couples over 50 are initiated by the wife.