Posts Tagged ‘finances’

How Lying About Your Finances in Your Divorce Can Hurt You – And How You Can Avoid Problems

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Finances can be one of the main points of contention in a marriage – and in a divorce. In contested divorces, and even in some uncontested divorces, each party is required to fill out and file a financial affidavit with the court. This is a self-reported document that includes information such as income, assets, average expenditures, and debts. It helps all parties get an idea of where final assets and debts should be distributed upon final separation. Because these documents rely solely on self-reported figures, there can be the temptation to fib a little – or a lot – about…Read More »

Marital vs. Non-Marital Debt: Who Owes What?

You and your spouse have come to the conclusion that it’s time to go your separate ways and file for divorce. You’ve figured out who gets the cars, the house, the furniture, even the blender someone bought you for your wedding. But when it comes to debts, how do you split those? Debt Incurred Before Marriage In Maryland, debts incurred prior to a marriage are not considered marital debt. Md. Code Ann., Family Law, §4-301. That means your spouse’s car payment, credit card debt, or student loans that were taken out prior to your marriage **will not** be your responsibility…Read More »