Divorce doesn’t only take a toll on your emotional health; it can also have significant financial consequences. To minimize the financial impact of filing for divorce , your divorce attorney serving Owings Mills is likely to recommend that you close all joint accounts. If you have joint accounts that still have a balance and it is not possible to pay them off before your family lawyer files the divorce petition, you might consider talking to the creditors about freezing the accounts.

When you watch this video, you’ll learn that it may be possible for you to be held responsible for your ex-spouse’s debts after divorce, even if your name was not on the accounts. This video also explains why you should have your family law attorney include an indemnification clause in your divorce decree.

Getting a divorce may not necessarily be your vision of your golden years, but it’s no longer an uncommon occurrence for seniors to divorce. In fact, the divorce rate for couples who are 50 years of age and older has doubled in recent years. When considering a divorce at any stage in life, it’s essential to obtain legal guidance from a seasoned family law attorney in Baltimore and Carroll Counties. A family law attorney can help you understand how Maryland divorce laws may affect you.

Spousal Support

As a senior, it’s not likely that you’ll need to receive or pay child support. However, spousal support may become an issue. If the marriage was a long one, then the court may be more likely to award indefinite alimony instead of short-term alimony. A spousal support arrangement will depend on many factors, such as whether one or both of the spouses are working and what standard of living was enjoyed during the marriage. A family law attorney can review your unique situation to estimate whether the court may be likely to award alimony.

Marital Property

Older couples who are divorcing may be more likely than younger couples to have accumulated significant marital assets. Maryland is an equitable distribution state. This does not mean that the marital assets will automatically be split 50/50, but rather that the court will determine an arrangement that is fair for both parties. One major point of contention for divorcing spouses is often the family home. If one spouse is particularly attached to the home, then the other spouse might agree to leave the home in exchange for a larger share of another asset, such as retirement funds. Bear in mind that if you keep the home, you may later have difficulty with property taxes and maintenance – particularly if you take a reduced alimony payment or share of the retirement funds.

Prenuptial Agreements

After your divorce is finalized, you may decide to begin dating again. If you decide to remarry, it’s a wise decision to have a family lawyer draft a prenuptial agreement for you – just in case. Another divorce may have serious consequences for your retirement.