Divorce for Maryland couples involves many potential areas of conflict. Of course, when children are involved, the issues of child custody and support become paramount. However, asset division can be as contentious as child custody and often far more complex. This is especially true if either of the divorcing parties are small business owners. Other parties that are not part of the divorce, such as business partners, could be impacted.
If couples in Maryland who are getting a divorce own a home, they will need to decide how to divide it along with the rest of their joint property. They may sell it, or one person might decide to keep it. In the latter case, it is necessary to determine how much equity each person has in the house and what the market value of the house is.
Divorce represents big changes in life for most people, which can make dissolving a marriage challenging and emotional. Maryland couples whose relationships are crumbling might like to hear some advice from a certified divorce financial analyst and author of a book about handling finances during and after a divorce.
Common wisdom suggests that couples in Maryland and throughout the country are happiest in the first few years of their marriages. As time goes on, this wisdom suggests that married couples start to lose interest in each other. However, this is not necessarily the case. According to a study of low-income couples in Los Angeles County, finances may have a role to play when it comes to marital satisfaction.
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.
In Maryland and across the United States, depression often affects couples who divorce after 50. Divorce may be related to health problems regardless of the person's age; however, people who get divorced later in life may experience higher levels of stress. Divorce rates among couples 50 and older have doubled in the past 30 years. Ending a marriage can leave a person with serious psychological problems, particularly if the individual was previously dealing with health-related issues.
Prenuptial agreements are becoming more common among couples throughout Maryland and the rest of the U.S. People recognize the value of having contracts in place that state how their premarital assets and business interests should be handled in the event of a divorce. Having a prenuptial agreement can be especially important for business owners.
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.
Maryland spouses who are thinking about splitting up may be unsure about the right time to get a divorce. According to psychology and family law professionals, summer is the prime time to end a marriage. The summertime gives a couple the opportunity to decide if divorce is a wise choice for their situation. Individuals can take the time to determine exactly what they want from a divorce. It is also a good period to fully understand the complete legal ramifications.
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.