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January 2019 Archives

High asset divorce: Don't forget to update estate plans

The topic of divorce was regularly in the year-end news for Maryland and elsewhere around the country. Many reports centered on the changes to how alimony would be treated for tax purposes, starting in 2019, and the possible surge to get divorces finalized before the end of 2018. Whether a couple's divorce is final or the proceedings are just starting, experts remind individuals of the importance of updating estate plans. This is particularly critical for a couple in the midst of a high asset divorce.

Pet custody issues now addressed in many prenuptial agreements

For most Maryland residents and others around the country, pets are often viewed as family members. These relationships with pets can become quite complicated when a couple decides to get divorced. Pet custody issues are now addressed in many prenuptial agreements. Also, several states have changed or proposed legislation that will change the way pets are viewed in divorce deliberations.

What will happen if I don't pay my child support?

Life changes are inevitable. An unexpected job loss, medical emergency or other financial hit could severely impact your financial stability, making it difficult to not only keep up with your bills, but also your court-ordered support payments. However, you should not stop paying child support even if you are having financial troubles. 

Property division: Federal appeals court involved in QDRO issue

Maryland couples and others around the nation have a plethora of decisions to make when they decide to get divorced. Property division tends to be near the top of the list of issues to address. Certainly, how to divide retirement funds is one of the more complex questions in the divorce proceedings. Though there are specific governmental requirements regarding division of these accounts, there is still room for interpretation of the regulations. A federal appeals court recently became involved in a case regarding dispensation of a divorced couples' life insurance benefits.

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