Many Maryland residents going through a divorce have seen firsthand some of the frustrations it can bring. A challenging situation that some face pertains to retirement savings. For many, divorce means having to share retirement plan assets. In other cases, it could mean that retirement assets are awarded to a single party.
Student loan debt and divorce: one more hurdle
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.
Dividing business assets in a divorce
Running a business in Maryland can be a very lucrative prospect for entrepreneurs. When an owner's marriage is headed for divorce, however, valuable business assets could be put in jeopardy. These assets, along with income derived from a business, may be considered marital property in a divorce.
Are retirement accounts divided during divorce?
Even though divorce rates are slowly decreasing over time, Americans see a rise in “grey divorce,” or divorce amongst baby boomers or older generations. With the increase of grey divorce, more mature couples consider how divorce affects personal property, especially retirement accounts.
