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May 2018 Archives

Alimony may still be an option after the Tax Cut and Jobs Act

Divorces finalized after the start of 2019 will see significant changes in the way the IRS looks at alimony. In the past, alimony was a tax-deductible expense for the payer and considered income for the recipient. Starting at the beginning of the year, divorcing spouses in Maryland may not get a tax advantage if they include alimony in their settlement agreements. Although it might initially seem that the tax code changes benefit spouses who receive alimony, this may not be the case.

Preserving a college fund after a marriage ends

A divorce in Maryland or any other state could have an impact on a child's college education. In some cases, this is because a parent may be required to dedicate money to paying child and spousal support ahead of continuing to fund a son or daughter's higher education. In other cases, the increased cost of running two households may make it more difficult to save for future educational expenses.

Collaboration reduces the impact of divorce

When a Maryland couple chooses to get a divorce, it can have both emotional and financial ramifications. Increasingly, those who are going through the end of a marriage are consulting financial planners as well as attorneys. This is because few people want a divorce to result in additional debt that could be avoided by opting for collaboration as opposed to litigation. Generally speaking, a divorce costs anywhere from $1,500 to $15,000.

Entrepreneurship and marriage can be a difficult partnership

There are many business concerns to occupy the minds of entrepreneurs and small business owners in Maryland, but personal concerns can also be of particular importance. Reports estimate that around 50 percent of marriages end in divorce, and that includes marriages strained by the stresses of a business or entrepreneurial activity. Business issues can be reflected in a marriage; for example, money issues can be some of the most stressful problems a couple can deal with. When a couple is suffering financially, the difficulties of dealing with unpaid bills and rising expenses can overwhelm a relationship.

Joint legal custody and shared decision-making after divorce

Many Maryland parents considering divorce may find that dealing with child custody can be the most difficult part of separating. While both parents may love their children deeply, ending the marital relationship could mean less family time. By developing a custody agreement that works for everyone, divorcing families can establish stability.

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Rockville, MD 20850

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