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divorce Archives

There's a right way to get out of your long-term relationship

Leaving a long-term relationship is essentially the basis of a divorce. It's not easy to do it, even if you don't want to be in a relationship any longer. Your lives may be intertwined, making it difficult to break out of the relationship without damaging family relationships, friendships and other relationships you have.

Divorced parents in Maryland can enjoy a good school year

As children and parents get back into the rhythm of a new school year, there are routines to coordinate and plans to make. When a divorce means that children divide their time between two households, the scheme of things can get complicated. If possible, it may help everyone involved to work together on certain issues so that the school year can run more smoothly.

The tax rules dealing with alimony will soon change

Divorced spouses in Maryland who pay alimony have been allowed to deduct these payments on their tax returns since the Revenue Act was passed in 1942. However, this rule will be changed in January 2019 when certain provisions of the Tax Cuts and Jobs Act go into effect. Under the new income tax rules, alimony is no longer a deductible expense for those who pay it. Furthermore, those who receive spousal support are not required to report the payments as income.

Educational debt factor in divorces

While finances are often a source of tension in marriages, Maryland couples might be surprised to learn that college loans have been identified by some people as the reason their marriages failed. As the costs of college continue to rise, it seems that the consequences resulting from the loans taken to pay for higher education are also rising.

Inherited IRAs can be split during a divorce

The federal tax code and various laws regulate how certain assets are divided during a divorce. However, there are no clear rules regarding inherited IRAs. Despite the absence of any legal guidelines, inherited IRAs are being divided up in family courts in Maryland and across America. With new alimony rules coming into place at the beginning of 2019, these retirement accounts may play an even bigger role during divorce in the future.

Restrictions and rules during divorce

Parents in Maryland who get a divorce should be aware that there are multiple parenting and financial restrictions in place once they have started the legal process. For example, taking one's children outside of the country may not be allowed during a contentious divorce or if there are custody issues to address as the courts want to prevent situations in which parents may hold their children in another country to prevent the other parent from having custody.

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.

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