Towson Divorce Lawyers
Domestic Issues Which Will Be Addressed in Most Divorces
Just as no two marriages are exactly the same, a divorce is a uniquely personal journey for every estranged couple. While one failed marriage might involve allegations of adultery and substance abuse, another could be largely harmonious, yet involve the division of numerous high assets or the dissolution of a shared business. Despite these differences, Towson divorce lawyers say that most divorces present common issues that must be overcome and agreed upon before both parties can move on.
- Retirement Accounts: The manner in which a retirement account is divided is dependent upon the nature of the account in question. A qualified 401(k) plan can be rolled over, tax free, into another 401(k) account as long as the parties use a Qualified Domestic Relations Order (QDRO). The division of an IRA can also be completed without tax implications if it is treated as a transfer incident to divorce. However, a spouse who receives IRA retirement funds from an ex-spouse will still be taxed, post-transfer, on any distributions he or she elects to receive.
- Jointly Held Property/Business: Often among the largest assets to be divided in a divorce are jointly held properties or businesses. When one spouse is unable to buy another spouse out of their shared business, a note can be provided which sets forth a deferred payment plan – often as installments over time – in order to equalize the division of property among the parties. Such agreements can have serious tax consequences and must be drafted carefully. Business owners should also pay close attention to how their business is valued, and be prepared to dispute a valuation which appears incorrect.
- Inheritances: Generally, an inheritance will not be considered marital property subject to equitable distribution. However, exceptions do exist. Towson divorce lawyers note that when the proceeds of an inheritance are deposited into a shared bank account and co-mingled with other common funds, the inheritance can be deemed a marital asset.
- Child Support: Earning capacity – including all salary, bonuses, tips and other sources of income – must be assessed for both spouses when making a determination of child support, which is due monthly for all minor children until they reach the age of 18 or graduate high school. The child support guidelines in Maryland require parties to also provide supporting documentation regarding child care, medical bills, health insurance and other routine expenses incurred while caring for a child. Child support is paid to whichever parent is awarded primary physical custody of a child, proportional to the amount of time the child is with the parent each month.
- Spousal Support: Also known as alimony, spousal support is a recurring payment made by a supporting spouse to a supported spouse over a specified time, or until such payments no longer become necessary. Maryland courts will look to a variety of factors when assessing a request for spousal support. Such factors may include but are not limited to lifestyle, needs, income and the ability of a supported spouse to become more financially independent. An award of spousal support cannot be granted retroactively, so it is important that a spouse who intends to seek support pursue their request prior to the entry of a final divorce decree.
Towson Divorce Lawyers at Huesman, Jones & Miles, LLC Assist in All Your Divorce-Related Needs
No matter how complicated a divorce process may become, our Towson divorce lawyers at Huesman, Jones & Miles, LLC can help. At our offices in Hunt Valley, Pikesville or Towson, we proudly represent divorcing clients throughout Baltimore County, Harford County, Carroll County and Howard County, including Towson, Essex, Columbia and Bel Air. If you or a loved one is contemplating a divorce, call us today to schedule your free confidential consultation. We can be reached at 443-589-0150 or complete our online contact form.