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.
The common assumption held by many in Rockville may be that when a couple chooses to get a divorce, all of their marital property will be equitably split between them. While the court does indeed attempt to ensure that whatever property division settlement that comes out of divorce proceedings is fair, that does not necessarily mean that all of a divorcing couple's property will literally be split up equally. This is especially true in cases where a couple has children. In such a scenario, the idea of "family use personal property" comes into play.
If you’re in the midst of a divorce in Maryland, you may have concerns about how your assets will be divided. This process can include many different factors, from when property was acquired to how property is categorized. Forbes explains some general information on how property and assets are commonly divided (although it can depend on your specific situation).
When couples in Maryland decide that it's time to split, they will soon have to decide how they want to split the things they've accumulated, too. Steven J. Gaba is here to help if you find yourself struggling with property division.
As you prepare for your marriage in Rockville, the last thing you want to consider is what might happen were you to divorce. Many of those that come seeking the help of the team here at Steven J. Gaba were convinced their marriages would last forever, yet later found themselves in positions where they felt divorce was best for all involved. If you were ever to arrive at such a situation, consider the assets you have spent a lifetime developing (particularly your personal business). Ask yourself if you would want to continue having your spouse as your business partner even after your personal relationship has failed.
Most of the married residents of Rockville may be more than happy to share everything with their spouses. That includes their debts. Yet once people decide to end their marriages, such altruism also often ends with it. One might look as his or her limited role in assuming a liability and question whether or not he or she should be held responsible for it. While it may be well known that divorcing couples are typically required to divide their property between each other, many often also wonder if they have to do the same with their debts.
The proliferation of reality shows and pop culture news have arguably made prenuptial agreements a mainstream phenomenon. For the uninitiated, a prenuptial agreement is basically a contract where couples agree to follow certain terms and conditions in the event of a divorce. Prenups are commonly used to narrow the issues when it comes to property division, so there are fewer arguments over what can be considered marital property as opposed to separate property.
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.
Many Maryland spouses have a very narrow conception of the divorce process. The end of a marriage is often likened to going to battle with one's spouse. While virtually everyone knows a friend or family member who has experienced a combative divorce, it is important to understand that this is not the only divorce model available to spouses. Collaborative law offers an alternative approach, and one that can make significant strides toward a less contentious divorce.
Business owners in Maryland know exactly how hard it can be to take a concept and mold it into a successful venture. Many have put in a great deal of money, time and effort to get their businesses off the ground, and then to weather changing market conditions and an economic recession. To have a huge portion of that hard work be lost through the property division portion of a divorce is a difficult prospect to consider, but one that any entrepreneur should think carefully about.