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.
Divorce is sure to shake up your life in many ways, including your relationship with your children. Fortunately, through the creation of a parenting agreement, you can ensure that your children are put in the best possible situation in the future.
Most couples are aware that divorce can impact many aspects of life, but many are surprised by the challenges that owning a business can bring. Since a business can represent the majority of marital assets and income, dividing up ownership can become a complicated aspect of the divorce proceedings. Which parts of a business qualify for division largely depends on how much business income the owner claims for his or her own tax liability, and the Tax Cuts and Jobs Act of 2017 may provide a guideline for making this determination.