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.
People in Maryland who are getting married may want to consider a prenup, particularly if they own a business, have a blended family or are getting married for the second time. A person who is bringing assets into the marriage may want a prenup that will protect those assets.
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.
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.
Maryland residents who are considering getting divorced might wonder how long the process will take. The length of a divorce will depend on the individual spouses and specific circumstances.
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.
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.
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.
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.
What is sometimes called "gray divorce" is on the rise, and it means that more older couples in Maryland may be divorcing than in previous generations. For those who have not been active participants in managing the household finances, this could mean having to deal with such matters for the first time in their lives.