Financial repercussions can be a major concern for Maryland spouses considering filing for divorce. From the division of assets to dealing with spousal support, there can be major impacts on each party's finances caused by the end of a marriage, and the stress around...
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Separating accounts and credit during divorce
On Behalf of Abney at Law, P.C. | Dec 5, 2017 | Family Law
For Maryland couples who are going through a divorce, one important step might be to close any joint accounts and open new individual ones. If spouses have accounts on which the other person is named as an authorized user, the user should be removed. These actions...
Family law in Maryland
On Behalf of Abney at Law, P.C. | Nov 16, 2017 | Family Law
Divorce can be a difficult process emotionally. Sometimes it is the only way to move forward in life. Not all Maryland divorces look exactly the same, but there are some procedural steps that they have in common. First, one spouse puts the divorce in writing by filing...
Costly aspects of property division in divorce
On Behalf of Abney at Law, P.C. | Oct 5, 2017 | Family Law
Fees for legal or financial advice only scratch the surface of divorce costs. When a couple in Maryland possesses assets, taxes and housing expenses can cut deeply into the value of a divorce settlement. People over the age of 50 experience higher long-term costs...
How divorce affects taxes
On Behalf of Abney at Law, P.C. | Sep 28, 2017 | Family Law
Maryland couples who are getting a divorce should keep in mind that there will be a change in how they file their taxes as well. Marital status is determined by what a person's status was on the last day of the year, so at this point a person will either file as...
Handling IRAs and 401(k)s in a divorce settlement
On Behalf of Abney at Law, P.C. | Sep 13, 2017 | Family Law
On average, an individual pays $15,000 to complete the divorce process. However, this amount could be higher or lower depending on the circumstances of a given divorce. While some Maryland residents may consider using their retirement savings to help cover this...
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