Imagine that you and your spouse have been married for 10 years and you have two children together. You also own a house, two cars, a family home, a vacation home, a retirement portfolio, three investment accounts, the family dog and let’s not forget the expensive art and antiques you’ve passionately collected over the years. Based on that description, your divorce may be a little more complicated than others to resolve, but it certainly will not be impossible.
Here are two of the most important areas (and potential challenges) that your divorce process will address:
Issues relating to your children: You and your spouse will need to decide who will have primary physical custody of your children, or whether your kids will spend equal time living between both of your respective homes. You and your spouse will also need to determine whether one spouse will pay child support and how much that support should be.
Issues relating to your assets: From the day you said “I do” to the legal date of your separation, every piece of property, every amount of debt and every dollar you or your spouse earned or acquired will be a part of your marital estate. As such, barring several categories of property that could be exempt like personal injury settlements and inheritance, these debts and assets will need to be divided between you and your spouse.
Many laws and legal strategies could apply to the process of resolving the above two issues in your divorce. As such, divorcing parents and spouses in Maryland may want to learn as much as they can with regard to both their child custody and asset division rights under state divorce laws.