Annapolis Maryland Family Law Blog

Maryland residents beginning the process of divorce will need to go through the discovery process, during which each spouse discloses their financial assets before beginning negotiations for a fair settlement. Some spouses attempt to hide assets in order to get an unfair advantage and access those funds post-divorce. However, there are ways a person can spot missing assets during the discovery process, and there are measures in place during the divorce process to prevent spouses from hiding assets as well.

Being vigilant during the discovery process and as the marriage ends is critical to figuring out if a spouse is attempting to hide assets. Watching for any changes in a spouse's spending habits or financial transactions can help determine if they are trying to hide assets. For example, a spouse suddenly becoming an art or antique collector and insisting on keeping the pieces in the settlement might be a sign that they have undervalued the items to sell them after the divorce. Another sign is a sudden change in payments, withdrawals or deposits. A spouse might overpay a credit card and request the refund after the divorce or begin to transfer funds to children, relatives, business partners or friends.

Once you tie the knot and begin your life with your spouse, it never hurts to look toward the future. As you consider starting a family and planning for retirement, you should also think about what would happen in the event of a divorce.

Remember this: Just because you discuss the potential for divorce doesn't mean you're more likely to split in the future. In fact, this can strengthen your bond, as it allows the both of you to get on the same page.

When parents end their marriage, they are still required to take care of their children. This means paying for food, shelter and other needs that they may have. Generally speaking, this is easier when parents in Maryland and elsewhere can communicate effectively. Ideally, they will have regular meetings to discuss their child's current and future financial needs. These meetings can occur over the phone or by email if it isn't possible to get together in person.

Creating a detailed divorce decree can minimize the opportunity for conflicts to arise in the future. It should spell out who is responsible for paying a child's medical or educational expenses or how they will be split between each parent. Computer programs can help parents keep track of a child's financial needs and who is responsible for taking care of them.

Maryland couples who are going through the divorce process are often overcome with emotions. Separating from a spouse is hard enough without the added problems associated with the need to divide assets and debts. Those who have an outstanding student loan may not know whether they will need to pay back the entire loan or if the court will also hold their spouse as a responsible party.

One way to understand the issue is that any student loan debt incurred prior to themarriage constitutes a separate and private debt. If people have a $150,000 student loan before they get married, it is their sole responsibility to pay it back. However, a debt acquired during a marriage is thought of as marital debt, meaning that both spouses are equally responsible.