Divorce may be a sensitive issue and a contentious process, but it’s important not to overlook the effects of divorce on personal finances. When you consult a family law attorney in Owings Mills, he or she might recommend that you see a financial advisor, especially if your marriage involves complex financial matters such as retirement accounts and home ownership. With the combined guidance of your family court attorney and financial advisor, you can secure your financial future while ending your marriage.

Do Make a New Budget

Transitioning from a two-income household to a one-income household is a significant shift for your personal finances. Talk to your family lawyer about what you might reasonably expect to receive or pay for child support and alimony. Ask your attorney for guidance on marital debts and assets, and then consult your financial advisor for assistance developing a new budget for your post-divorce life. Although divorce is an incredibly stressful time, it’s important to adhere to your budget and avoid splurging on expensive gifts for the kids or relaxing spa vacations for you. Keep your focus on building a secure financial future.

Don’t Make Assumptions About Property Division

The issue of property division can be particularly contentious. It’s best not to make assumptions about whether you’ll remain in the family home and retain ownership of joint savings accounts. Because every divorcing couple’s situation is unique, it’s best to consult your family law attorney. Bring along a list of all of your assets and debts to get a clearer picture of what the future might hold for your finances.

Do Look at the Big Picture

It’s all too easy to get fixated on one particular aspect of the divorce, such as staying in the family home or keeping the family pet. One benefit of hiring a family lawyer is that he or she will help you look at the bigger picture. With your lawyer’s help, you should develop a clear understanding of your personal finances, including all of your joint and separate accounts, retirement funds, and liabilities.

In the United States, it is estimated that up to 50% of first marriages end in divorce, while up to 60% of second marriages end in divorce. While there are many reasons a couple may choose divorce, there are several common factors that often come into play during this process. If you are considering divorce, working with an experienced family attorney near Owings Mills is the best way to ensure this process proceeds quickly and smoothly, regardless of your reasons for divorce.

Lack of Commitment

Many couples cite a “lack of commitment” to the marriage and to each other as a major cause for ending their marriage. This lack of commitment may take many forms, from the avoidance of arguments and problems to poor scheduling with respect to spending time together as a couple. When partners do not feel that they hold a significant place in each other’s lives and minds, this feeling often becomes a major underlying contributor to divorce.

Infidelity

Infidelity is another commonly-cited reason that couples opt to end their marriage. Whether one or both spouses are guilty of infidelity, the discovery of an affair or the intention to have an affair often irreparably damages the trust between the couple, leading them to pursue a divorce.

Abuse

Abusive behavior may be a major or a minor contributing factor to marriage annulment. This behavior can include abusive comments or language, as well as physical and sexual abuse. Especially if abuse is a factor in your decision to end your marriage, hiring a family attorney to help with your case can prevent an abusive spouse from retaining child custody rights after the divorce.

If you are considering a divorce, contacting a divorce lawyer should be the first step in this process. Your lawyer can help you draft a divorce agreement that includes the spousal support and child custody terms you want, as well as help to provide divorce mediation if you and your spouse disagree on any issues surrounding your separation.

If you are about to get divorced, it can feel overwhelming. Even if the separation is agreed upon mutually, chances are there are many things in your life that will change as a result of the divorce. Though some people choose to get divorced online thinking that it will save them time and money, it can actually do more harm than good. Online divorce forms are simplistic, and do not take into account the nuances of your relationship, assets, and financial situation. By consulting a divorce attorney in Owings Mills , you can feel confident that your bests interests will be represented, resulting in a fair and timely divorce agreement. Check out this infographic to learn more about why you should work with a divorce lawyer instead of seeking a divorce online.

Since child support guidelines vary from state to state, Maryland parents are advised to consult family court attorneys regarding child support issues in Owings Mills. Divorce law requires family courts to develop child support orders in light of certain factors, such as the actual monthly income and adjusted income of each parent. The court will also consider child care expenses, health insurance costs, and extraordinary medical expenses of the child.

Hear more about divorce law as it applies to child support by watching this video or consulting your family attorney. This video explains that the court may consider the disparity in standards of living between households and the total number of children that the parents are responsible for supporting.

Alimony laws are intended to help spouses maintain a comparable standard of living that was enjoyed during the marriage. Typically, the intention of alimony is to allow the lesser earning spouse the opportunity to become self-sufficient after the marriage. If a divorce judge awards alimony to one spouse, these payments are completely separate from a child support order. If you intend on seeking alimony from your spouse or your spouse is seeking payments from you, contact an alimony lawyer located in Baltimore County for guidance.

What happens if spouses make an out-of-court agreement?

It’s highly advisable to avoid signing any type of agreement with your spouse before discussing the matter with a divorce lawyer. If you do make an out-of-court agreement with your spouse, the court is generally bound to honor that agreement.

Can I seek alimony after I’m already divorced?

After your divorce is finalized, neither ex-spouse can initiate a new request for alimony. If alimony has already been ordered, it may be possible to petition for a modification of alimony payments. Consider talking to your divorce lawyer if you experience a significant change in financial circumstances that might prompt an alimony modification.

What will the court consider when ordering alimony?

There are a range of factors the court will evaluate when deciding whether or not to award alimony to a spouse. Primarily, the judge will consider the ability of each party to be self-supporting, the standard of living enjoyed during the marriage, and any agreement that was already made between the spouses. The court can consider each party’s financial needs and resources, the time necessary for a spouse to receive education or vocational training, the parties’ respective ages, their health, and the mental and physical capabilities of each spouse.

Are there any tax consequences for alimony payments?

Unlike child support-which is neither taxable nor tax deductible-alimony does have tax consequences. Generally, the payor can deduct alimony payments on his or her tax return and the alimony recipient must report it as income.

Does the court enforce alimony payments?

If the court has issued an alimony order or decree, then the court can also enforce that order. If an ex-spouse does not remit alimony payments, the court may decide to hold that person in contempt of court.

Making the decision to end a marriage is never easy, but that doesn’t mean that it’s always contentious. In fact, many couples successfully reach an uncontested divorce settlement. If you and your spouse have realized that it’s time to part ways, you may be tempted to download the legal forms yourself and do a DIY divorce. Unfortunately, this is a recipe for disaster. Family law can be incredibly complex and only divorce lawyers serving Carroll and Baltimore Counties can prevent you from making mistakes that may cost you in the long run.

A family lawyer can advise you of the many nuances of family law that may not have even occurred to you, such as the potential tax penalties for dividing retirement assets and the possible legal consequences for moving your children to another state. Furthermore, your family law attorney will have a keen understanding of the local family court system, along with its many rules and procedures. Failing to abide by these rules and procedures because you avoided hiring a family law attorney may cause you to automatically waive your legal rights. It’s always advisable to protect yourself, your kids, and your assets by hiring a seasoned family law attorney.

If you ask any divorced individual what caused the breakdown of the marriage, there’s a good chance he or she will mention personal finances. Poor money management and different spending or saving styles are among the most common reasons why couples around Owings Mills might consult a family law attorney. And unfortunately, divorce itself usually contributes to a couple’s financial woes. After filing for a legal separation or divorce , exes must adjust to living on a single income, changing their housing arrangements, and perhaps replacing physical property that the other spouse received in the divorce settlement.

If you’re engaged and you would like to improve the longevity of your impending marriage, consider talking to your fiancé about money management long before you walk down the aisle. When you watch this video, you’ll hear how Jason and Courtney explored their individual and joint finances together before they were married. The financial planner featured here recommends opening “his” and “hers” accounts along with a joint account to reduce the possibility of divorce. Of course, it never hurts to find a good family lawyer—just in case.

Before you have your family lawyer file the divorce papers, you should take the time to discuss all of your concerns and your goals for the outcome of the case. If you live near Owings Mills, your family attorney will inform you that Maryland is an equitable distribution state . This means that the judge will order a fair or equitable division of property and liabilities such as credit card debt. Equitable distribution does not necessarily mean that your assets and debts will be split 50/50, however. Debts such as credit card debt can be particularly tricky to resolve during or after a divorce.

How Should I Deal With Joint Accounts?

Talk to your family attorney about closing joint accounts before you file for divorce. If this isn’t possible because a balance remains on the credit card, you may be able to have the creditor place a freeze on the account to prevent your spouse from making purchases with it. Depending on your particular situation, you might also consider talking to your spouse about paying off the account together before filing for divorce. If credit card debt remains during the divorce, your divorce decree should specify who is responsible for paying it.

Why Is the Credit Card Company Pursuing Collections Against Me?

Many people experience problems with creditors long after the divorce is finalized. If your ex-spouse was responsible for paying off a credit card, but your name is attached to the account, the creditor may pursue collection actions against you if your ex-spouse fails to make payments. This is because credit card companies are not required to honor the provisions in a divorce decree. Unfortunately, this also means that the failure of your ex-spouse to make payments could affect your credit score.

Am I Liable for Debt If My Ex-Spouse Filed for Bankruptcy?

Similarly, if your ex-spouse files for bankruptcy and has his or her credit card debt discharged, your name will remain on the joint account and the credit card company can demand payment from you. Bankruptcy doesn’t necessarily erase the debt, but rather eliminates your ex-spouse’s liability for it. However, bankruptcy will not eliminate your ex-spouse’s liability toward you. If the credit card company holds you liable for the debt, you can in turn file a civil lawsuit against your ex to demand damages.

While most couples who marry hope to stay together for the rest of their lives, divorce is a possibility. If you and your spouse agree that you cannot stay married, a divorce can be the best choice for both of you. Up until recently, couples in Maryland who wanted to get a divorce had to wait one year from the time one spouse moved out to make the separation official. Thanks to a new law, however, couples without minor children who can agree on the division of property no longer have to wait. This expedited divorce process indicates progress in the area of divorce law, and respects the privacy of both parties more than the old law. Take a look at this infographic from a divorce lawyer in Owings Mills to learn more about what the new law means for couples in Maryland who are divorcing.

As stressful as divorce can be on spouses, it’s even more challenging for children. Kids of any age can suffer psychological problems before, during, and long after a divorce. However, there are some steps you can take to mitigate the adverse effects of a child custody case litigated near Pikesville. In fact, some of these recommendations may even be mandated by the child custody order, such as the avoidance of disparaging the other parent in front of the child.

Avoid Using Your Child as a Messenger

Even in an uncontested divorce, children can suffer significant psychological harm if they are made to be active participants in the logistics of child custody arrangements. Parents who wish to avoid communicating with each other may instead ask the child to serve as a messenger. It may seem relatively benign to ask a child to tell one parent that the other will be a little late picking up the child. But doing so sends a subtle message to the child that the parents are incapable of communicating with each other. It also exposes the child to the potentially negative emotional response of the parent who receives the message.

Avoid Cutting Off Communication With the Other Parent

Talk to your family lawyer about including communication provisions in the child custody agreement. The document should include an arrangement for ongoing, regular communication between parents, as well as emergency contact information. While your ex-spouse may be the last person you want to talk with, cutting off communication or communicating through intermediaries is a grave mistake. For instance, it means that you may not discover that your child is struggling in school until the report card arrives or that you might not learn new medical information regarding your child.

Avoid Making Your Child Choose Sides

Parents may not directly inform a child that he or she must choose which parent he or she prefers, but even doing so indirectly can be irreparably harmful to the child. For example, avoid telling your child that he or she can pick which parent to spend a holiday with. Avoid disparaging the other parent in front of the child or asking your child to report on the goings-on at the other parent’s home. Above all, remember to put your child’s best interests ahead of your own.