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Financial security and divorce

On Behalf of | Sep 9, 2016 | Divorce, Firm News |

Most Maryland spouses who decide to go through a divorce will have tried everything they could to make their marriages work. Especially in cases that involve children and matters relating to child support and child custody, spouses usually don’t give up on their marital unions very easily. That said, at some point, couples are forced to face the music of a marriage that has reached its limits, and this is when they look to submit their divorce papers.

If you have recently filed for divorce in Maryland, then it is very important to think about your financial security relating to the asset division process and any awards or agreements that may come related to alimony and child support. No matter which side the spouses is on — the side that receives the money or the side that pays the money — spouses need to consider their legal rights and options to ensure they are fairly treated in the divorce process.

Some of the things that will be divided in a divorce are debt/savings, business ownership, real estate division, retirement accounts and pensions. However, before these items are divided, spouses must determine which of their assets are and which are not non-marital property. Under Maryland law, spouses will divvy up their marital assets while each will keep their appropriate portion of the property. During the asset division process, it is important to have an attorney available to advocate on one’s side and ensure that property and assets are divided fairly, while keeping in mind the income levels of both spouses.