When a couple divorces in Maryland, the court may order either spouse to pay the other the cost, or reasonable and necessary expense, of either defending or prosecuting the proceeding. The expenses associated with a divorce proceeding are court costs, legal fees and suit money. When making a determination, the court will evaluate two factors.
If you are seeking spousal support during a divorce, our attorneys at Fait, Wise & DiLima, LLP may be able to help advocate for your position. During a court hearing, a judge considers various factors before awarding alimony, and we are prepared to utilize all our legal knowledge to help you possibly obtain a fair alimony award.
Maryland courts follow specific procedures when determining how to dispose of a couple's property through divorce. The first step is to determine whether property is considered separate or marital property. Marital property is generally the property that either you or your spouse acquired during your marriage, such as a bank account, real estate, business, vehicle, furniture, securities, retirement plan or pension. Professional licenses obtained during the marriage are not considered marital property, however.
In Maryland, there are two classification for divorce. They are limited divorce and absolute divorce. Grounds for each type of divorce are specified by law.
There are two different types of divorce available in Maryland. In order to legally end a marriage, a couple can either file for limited divorce or absolute divorce, and there are significant differences between the two. Limited divorce is often used when a married couple wishes to separate but they do not have grounds for divorce.
Maryland residents may be interested to know that a 68-year-old oil tycoon worth an estimated $20 billion and his 58-year-old wife of 26 years are taking their divorce battle to an Oklahoma City Court. The founder of Continental Resources may be required to pay his wife as much as $8 billion in the final settlement. That would top the $4.5 billion award given to the former wife of a Russian billionaire.
Maryland investors may be interested in the divorce proceedings recently initiated by the founder of Citadel LLC, a hedge fund reportedly with assets of approximately $20 billion. The founder filed for divorce from his wife of 11 years allegedly without his wife's knowledge, though the couple had been separated for a year. The wife of the founder, herself a former hedge fund manager, signed a prenuptial agreement in 2003 agreeing not to include Citadel in the division of property in the event of a divorce.
Maryland is an equitable distribution state, meaning not that both parties to a divorce are supposed to get what is fair, though not necessarily equal, amounts. If a couple owns a home, the simplest thing to do is sell it and divide the proceeds along with other assets in an equitable fashion. However, some people prefer to keep their home after a divorce and buy their partner out. If a fair settlement can be reached that awards one person the home, there are still factors both Rockville residents need to consider.
Maryland residents who've decided to dissolve their marriages may want to consider seeking a share of their spouse's retirement benefits. In many cases, these benefits can be obtained tax-free and offer options for steady growth that makes them more valuable in the long-run than more commonly pursued assets in divorce settlements, such as homes and spousal support. Property values on homes are always uncertain, and alimony is subject to taxes. However, money in retirement accounts are sometimes exempt from taxes and might be eligible for regular increases.
Maryland baseball fans may be interested to learn that a judge ordered Frank McCourt's former wife to pay approximately $1.9 million in legal fees on June 24. According to the report, the decision was handed down after McCourt's wife was unsuccessful in contesting the former couple's divorce settlement.