Overlooking financial issues that could impact credit scores could have long-term consequences for anyone ending a marriage in Maryland. On a positive note, simply getting a divorce does not automatically affect somebody's credit score. Even so, it's not always easy to separate joint financial obligations post-divorce.
When parents get a divorce in Maryland, one may have to pay child support to the other. In general, income and child-related expenses such as health care are part of the calculation for support payments. Both courts and parents may be flexible in taking various factors into account.
When people in Maryland decide to divorce, they may think first about the changes to come in their family homes or to their personal relationships. However, there are also some technical changes that people may wish to make to protect their security and privacy after the end of a marriage. One of the first things that may be important to do is to change all of a person's major passwords. People who are married often share access not only to home accounts or online banking but even to email or messenger accounts.
As the tax filing deadline approaches, unmarried individuals with a minor child in Maryland must consider who can take the exemption for the child. The IRS has rules regarding who can claim the child, so without communication between the parents, one party risks having a return rejected.
One of the first steps people in Maryland who are going through a high-asset divorce may want to take is assembling a legal and financial team. They may also want to consider whether they want to pursue litigation. Litigation is not inevitable even if there is a lot of conflict, and some couples may be able to resolve discord and reach an agreement through mediation or collaborative divorce.