Divorce Lawyers in Bel Air MD can help clients take a thorough, hard look at finances when dividing up assets is a contentious issue. The couple may be able to resolve the division of assets in mediation, but if that seems improbable, the spouses will probably head to court. Each person should decide which assets seem essential to keep, but it’s also crucial to determine whether keeping an asset as a single person is affordable. The family home is a common example.
When two parents decide to divorce, one parent may very much want to continue living in the family home with the kids. However, this often isn’t feasible financially. Even if the other pays child support and temporary spousal support, the individual living in the house is responsible for mortgage payments, property taxes, utility payments and year-round maintenance. In addition, the other spouse must receive half of the property’s value for a fair division of assets. Clinging to the home for emotional reasons is understandable, but may lead to unpleasant monetary difficulties down the road and the need to sell the real estate anyway. The same is true for other expensive assets such as a vacation cottage, a boat or an RV. Often, selling these items and dividing the proceeds in half is the best way to move forward.
When one spouse has not been earning much money, Divorce Lawyers in Bel Air MD will help this person figure out what his or her expenses are and the amount needed for the budget. This will help when asking a judge to issue a ruling on spousal support if mediation is not likely to succeed. Also known as alimony, these payments increasingly are set up on a temporary basis only, although that depends on the circumstances. Young and middle-aged adults typically are expected to become self-supporting within the near future; both parents combine contributions for children-related expenses. Spousal support might be paid while the individual seeks work or acquires training to become gainfully employed. An attorney with an organization such as the Law Offices of Maria K. Caruso can help with these matters.
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