Federal employees living in Maryland may have some special concerns during divorce proceedings. Many federal employees have what is known as a Thrift Savings Plan, which can be counted by the courts as a marital asset. If it is considered a marital asset, one's spouse may be entitled to a portion of the funds as part of the divorce settlement.
Although going through a divorce is difficult for many Maryland couples, the ending of a marriage often hits women harder than men. This is due to the fact that, overall, women earn less than their male counterparts. Further, traditional gender roles, such as women staying in the home to provide child care, often put them at an economic disadvantage when they get divorced.
Maryland entrepreneurs who plan to get married may want to sign prenuptial agreements so that they can protect their businesses in the case that they later get divorced. Without prenuptial agreements, their former spouses may end up holding greater legal interests in their businesses than the entrepreneurs intended.
When a Maryland couple gets a divorce, if one or both owns a business or if the two are co-owners, it may be necessary to get a valuation for the business. A skilled valuation analyst can do this.
Maryland spouses who are contemplating a divorce might be surprised to find out that it is possible to receive retirement benefits from their spouse's 401(k). While it is not normally legal for the funds of a 401(k) to be distributed to anyone other than the account holder, there is an exception that allows divorced spouses to receive retirement pay from their ex-spouses.
Finances can be a significant concern when Maryland couples are ending their marriage. However, there are certain steps people can take to get ready.
Maryland residents who watch the show "The Talk" may be interested to learn that, on May 19, co-host Aisha Tyler agreed to pay her ex-husband $2 million. Tyler said that she her former husband had agreed to the terms of the divorce settlement and that she had not been ordered by the judge to pay spousal support.
The death of a Maryland custodial parent can be a difficult time for those involved. However, it can also be difficult to determine who the child will live with. Depending on the situation, a child may go to live with the noncustodial parent, a family member or a third party. When there is no one suitable, these children could become wards of the state.
Couples in Maryland who are business owners and who get a divorce might also need to decide what they will do with the business. Since the assets of both people may be largely tied up in the business, neither may be able to buy the other out. While a prenup or a buy-sell agreement might address the issue effectively, many couples do not want to discuss divorce when they are wedding planning. Therefore, they may be left negotiating the fate of the business as part of the divorce.
Maryland couples who are facing divorce might be heading into the process with differing degrees of financial knowledge and power. Keeping this in mind might make property division more equitable. For example, spouses with more earning power may be able to more easily replenish their retirement accounts while lower earners might struggle to do so. Therefore, splitting the retirement accounts equally in half may not be the best approach.