Posted on June 16, 2017 in Spousal Maintenance

Alimony, or spousal support, is not guaranteed in every divorce. When it is awarded, there are a bevy of factors that are considered by a judge. The length of the marriage, the health of the spouses, the financial situations of the spouses, the earning potential of the spouses — the list goes on and on. If it is awarded, spousal support instantly becomes one of the most important parts of a post-divorce arrangement. And this isn’t just because of the money involved.

The former spouses involved in a spousal support arrangement should keep track of the payments, whether they are paying or receiving the money. One of the key reasons for this is the tax implications of spousal support. The paying spouse can deduct the payments from their taxes, while the receiving spouse must include it as part of their taxable income.

This means that recordkeeping becomes an important responsibility after alimony is awarded. Both spouses should keep meticulous notes on a wide array of information included in their payments, such as:

Continue Reading ››

 Posted on April 04, 2017 in Property Division

Many couples might balk at the idea of drafting marital planning documents such as prenuptial or post nuptial agreements, but financial planning could be one of the main elements in securing an efficient, financially stable divorce.

No one gets married expecting to soon get divorced, but the reality is that many marriages end – – and for a multitude of reasons. There are some things you can do, though, to fully understand the financial impact a divorce can have on your future and make preparations that help you avoid devastation.

A recent Forbes piece notes numerous strategies that can be employed to reduce disputes, reduce costs and help divorcing couples avoid financial disaster.

• Understand your financial situation. By taking a careful inventory of your assets and liabilities, you can effectively negotiate your way through divorce mediation. From carefully examining bank statements, retirement statements and stock portfolios, you can gain a clear understanding of financial assets. Taken in conjunction with credit card statements, medical bills, car loans or mortgages you will have a more thorough picture of the assets and debts that need to be divided.

  Continue Reading ››

 Posted on January 30, 2017 in Child Custody

No matter how much acrimony and ill-will two parents going through a divorce may have between them, as parents it is their job to protect their child and give their child the love, stability and support they need during what is a difficult time. For these reasons, in Maryland any child custody and visitation orders must meet the standard of the "best interests of the child."

There are numerous factors a judge will consider when determining what is in the child’s best interest, and no one factor trumps another. The following are a sampling of the factors that may go under consideration in child custody and visitation cases.

First of all, who the child’s primary care giver is may be considered. Also, the court may consider which parent (or both) can financially care for the child. Furthermore, how old the child is and the child’s health and gender may be considered

Continue Reading ››