When a marriage ends, spouses and their children are forced to endure a storm of stressful events. Everything changes — from living arrangements to parenting schedules to property ownership. While most people often think about important assets when getting a divorce, there are a few considerations that aren’t thought of as often. Here are five of them.
1. Don’t Expect to “Win” Your Divorce Case
Plenty of people start their divorce hoping to “beat” their spouse in court. But the reality is that there’s never a true winner when it comes to divorce. A typical divorce involves various issues, such as child custody, support, and the division of property. Both parties are usually required to give up something and rarely do people get everything they want. So keep this in mind throughout your divorce proceedings.
2. Everything is Divisible and Fair Game
People often think that because an asset is in their name, it can’t be claimed by their spouse in a divorce. But this is the furthest thing from the truth. Practically everything is divisible because the same holds true for liabilities like debt and credit cards. Working with an experienced lawyer can help protect the assets that are the most important to you.
3. There are Hidden Tax Implications
During a divorce, it’s important to stay conscious of hidden tax obligations. For example, if your spouse purchases an asset during the marriage and the value increases, if that asset is transferred to the other spouse, they can be held responsible for paying taxes on the net gain. This applies to spouses who receive real estate, stocks, and bonds. There are multiple instances when taxes are applicable to an asset being transferred.
4. Create an Inventory of Household Furniture and Furnishings
It’s not uncommon for disputes about furniture, furnishings, and other valuable items to arise. To make the divorce process and the division of property easier, it helps to create an inventory of household furniture and furnishings. You can do that by:
- Taking photos of every item and sets of small items
- Mark these pictures with time stamps to avoid claims that the photo was taken at an earlier time
- Keep your photos in a safe, protected place
- Create a list of all items that includes where the items are located and their estimated value
- Get appraisals
After you create your inventory, be sure to make copies in case something happens to the original documents.
5. The Most Expensive Lawyer Isn’t Always the Best
When going through a divorce, who you hire as your divorce lawyer can make all the difference. It’s important to pick your Maryland divorce attorney wisely, as it could impact your results and bottom line. How much a lawyer costs isn’t as important as their experience and knowledge of navigating divorce in Maryland. So be sure to choose a Maryland divorce lawyer with years of experience and a good record.
The Right Lawyer for You
Alan Billian, P.A., has over 30 years of concentrated experience in family law. He’ll work with you to get you the best results possible and ensure that there is minimal stress throughout the process. We’re always standing by, ready to help.
Get started today with a FREE 30-minute consultation.