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.
Differences between legal and trial separation
When a Maryland couple is having trouble in their marriage, they may go through a trial or legal separation before deciding if they want to divorce. While a trial separation is considered by the law to be no different than simply being married, a legal separation is another matter. A legal separation is not as binding or permanent as a divorce, but the matters of child support, property division and spousal maintenance may come up.
How is property divided in Maryland?
Any property that spouses obtain during their marriage becomes marital property, no matter whose name is on it. This means that a car with only one spouse's name on it is considered jointly owned and subject to property division if the spouses divorce. During a divorce, if spouses cannot come to their own agreement regarding property division, the court will make the decision for them.
Maryland separation agreements
In Maryland, the law allows married couples who do not believe they will be able to reconcile to enter into separation agreements. Such agreements can be oral or in writing, and they can later be used as evidence supporting grounds for a requested divorce by either or both parties.
