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.
When a Maryland couple goes through a divorce, the spouses involved expect that the final outcome will include a fair division of marital wealth. This is true across the board, no matter how much money is involved. When a divorce results in a property division outcome that is heavily skewed toward one party, the result is sometimes an appeal. Such is the case in the high profile divorce between billionaire Harold Hamm and his wife of 26 years, Sue Ann Hamm.
The process of dividing marital property is the focal point for many divorcing spouses in Maryland. This is understandable, as the outcome of this process will shape the financial futures of both spouses for many years to come. In most cases, spouses are entitled to an equitable division of assets. There are some instances, however, in which a portion of wealth was never intended to be shared between partners, and where one spouse feels strongly that these assets are left out of the divorce process.
Structuring the best possible divorce settlement involves a large degree of planning. For those Maryland spouses who are nearing retirement, an even greater level of attention must be paid to the division of marital wealth. Understanding where one needs to be financially is critical to reaching those goals, which is why the creation of a long-range post-divorce budget is one of the first tasks that should take place once the decision to divorce has been made.
Ending a marriage is a challenging time in one's life. Aside from the emotional reaction to the end of the relationship, divorce also brings on a range of more practical challenges. In many ways, newly divorced individuals must begin anew, often without a clear understanding of how their new circumstances might look or feel. As a result, high levels of stress often accompany a Maryland divorce.
When a Maryland spouse is considering ending his or her marriage, there are a number of financial considerations that must be given the proper level of attention. Chief among these is understanding how one's cash flow needs will change after the divorce is made final. Knowing how much income will be required to make ends meet is the first step in structuring a favorable property division settlement.