Jeffrey N. Greenblatt of Joseph, Greenwald & Laake, PAAggressive Representation When The Stakes Are High2024-03-13T08:30:38Zhttps://www.jnglaw.net/feed/atom/WordPress/wp-content/uploads/sites/1100295/2021/01/cropped-3490828_favicon-32x32.pngOn Behalf of Jeffrey N. Greenblatt of Joseph, Greenwald & Laake, PAhttps://www.jnglaw.net/?p=2359952023-10-30T15:39:58Z2023-10-30T15:39:58ZJanuary: The “new year, new life” effect.
January is popular for divorce filings across various states, including Maryland. Many couples view the new year as an opportunity for a fresh beginning and a chance to make positive life changes.
Consequently, some people may decide to end their marriages once holiday obligations are fulfilled, and family gatherings have concluded. Furthermore, couples who experience tension during the holiday season may reach a breaking point in January when emotions are still high.
The post-holiday season (February to March) also sees a rise in divorce filings because some couples delay their decision to file for divorce until after the holiday season for the sake of family harmony.
September: The "back-to-school" effect.
The back-to-school period in September can also trigger divorces in Maryland and other states. This time marks a transition for families as children return to school routines and parents focus on new schedules and responsibilities.
For couples already experiencing marital issues, this transitional phase can amplify stress levels as they navigate co-parenting dynamics or confront underlying problems within their relationship.
While divorce can happen at any time throughout the year, specific periods tend to see more filings in Maryland. It is important to note that these trends are not definitive indicators of marital success or failure. Every relationship is unique, and various factors contribute to individual choices regarding separation or divorce.]]>On Behalf of Jeffrey N. Greenblatt of Joseph, Greenwald & Laake, PAhttps://www.jnglaw.net/?p=2360002023-10-10T15:42:51Z2023-10-12T15:42:34ZWhat is a limited divorce?
A limited divorce, often seen as a legal separation, does not permanently end the marriage. Instead, it is a court-supervised separation where you and your spouse live apart but remain legally married. During this period, the court might make decisions about issues like child custody, child support and spousal support.
A limited divorce can serve as an intermediate step for couples who might not be ready for a complete divorce but want to live separately. It can also be a solution for those who do not yet meet the grounds for an absolute divorce.
To qualify for a limited divorce, you must meet specific criteria, such as being involuntarily separated, experiencing cruelty or excessively vicious conduct or desertion. Remember, a limited divorce does not require couples to live apart for a specific amount of time.
What is an absolute divorce?
An absolute divorce permanently ends the marriage. Once the court grants an absolute divorce, the marriage legally ceases to exist, allowing both parties to remarry if they wish. This type of divorce also addresses and resolves all issues related to property distribution, child custody, alimony and child support. After the court issues an absolute divorce, there is no going back to being legally married.
To obtain an absolute divorce, you need grounds like adultery, desertion for 12 months, voluntary separation for 12 months or criminal conviction of a spouse, among others.
Which one is right for you?
Deciding between a limited and absolute divorce depends on your situation. If you believe there is a chance of reconciliation or if you need time to meet the grounds for an absolute divorce, a limited divorce might be the better option. On the other hand, if you are ready to end the marriage and meet the necessary grounds, an absolute divorce is the way to go.
Understanding the nuances between limited and absolute divorce in Maryland is important to making informed decisions about your future. By knowing the difference between the two options, you can choose the path that best fits your needs and helps you move forward with clarity and confidence.]]>On Behalf of Jeffrey N. Greenblatt of Joseph, Greenwald & Laake, PAhttps://www.jnglaw.net/?p=2359172023-07-12T19:10:26Z2023-07-12T19:10:26ZReceiving alimony can help a spouse in different endeavors during and after divorce, such as:
In paying professionals involved in the legal process
Beside a divorce attorney, you may need the help of other professionals. You may need an accountant to assist you in the audit and inventory of dividing the assets and outstanding debts or in hiring a psychologist to help you with the emotional impact of ending the marriage. Alimony can be used to pay for these professionals whose job it is to help you traverse the divorce process as smoothly as possible.
In building a new life
Whether you initiated the divorce or not, ending a marriage means a new chapter in your life. You can expect changes that will require you to spend money—on a new home, new household items and many others. Perhaps even a much-needed trip or vacation out of town to help you gather your bearings as you set out to reclaim the autonomy you once had as a single person. Whatever it is, the transition after a divorce will entail expenses.
Receiving spousal support or alimony has many advantages. It can help both spouses face a new chapter in their life with confidence and financial security. Working with an experienced divorce attorney can help determine whether you are entitled to or obligated to pay alimony, and if so, what amount of alimony you should receive or provide, and for how long.
]]>On Behalf of Jeffrey N. Greenblatt of Joseph, Greenwald & Laake, PAhttps://www.jnglaw.net/?p=2359262023-07-12T18:31:45Z2023-07-12T18:31:45Za debt collector could legally contact them about their former spouse's overdue payments. The impact of a divorce might only solidify the termination of the couple's marriage. It does not automatically change agreements with creditors.
Even if a specific loan is no longer a party's responsibility, the creditor could go after them if the other party fails to meet payment deadlines. These incidents usually happen if both parties co-signed for the debt during the marriage, such as:
Joint credit card accounts
Car loans
Mortgage loans
Personal loans
Health care bills
Utility expenses
Fortunately, a divorced couple could avoid these situations if the debts are specifically addressed in a Separation Agreement, by refinancing the debt or requesting the creditor remove the other party's name from the liability (the likelihood a creditor would be willing to do that is extremely small). In Maryland, both parties are responsible for a debt if it remains under their names.
Addressing debt after a divorce
A debt, addressed only after divorce is a lost opportunity. However, if the debt is not addressed until after the divorce is granted it may help to send a copy of the divorce decree to the creditor. However, it would only clarify who is responsible for the loan, not remove liability. These situations could get complicated, so timely seeking sound legal counsel could help determine what to do next.
Regardless of the legal implications, debt collectors must maintain specific standards when contacting debtors. If they exhibit inappropriate practices or harassment, you could formally request they stop or file a complaint at the Consumer Financial Protection Bureau.
]]>On Behalf of Jeffrey N. Greenblatt of Joseph, Greenwald & Laake, PAhttps://www.jnglaw.net/?p=2359212023-07-17T08:23:08Z2023-06-30T08:19:29Zparticularly for women. If you're going through a divorce after decades of marriage, educating yourself on the many ways to protect your finances can ease the impact and provide some relief during this difficult time.
Avoid these common mistakes
As a woman, you may have spent all or parts of your marriage out of the workforce. As such, you may be at a disadvantage when it comes to your retirement savings, income, social security and earning potential. Thus, taking care to avoid missteps that can further complicate your financial situation would be wise.
For instance, mistakes to avoid when you are working toward a financially secure future include:
Failing to create a comprehensive inventory of assets
Holding onto the house you can’t afford
Not knowing all outstanding debts
Forgetting about health insurance
Underestimating your expenses
Not seeking professional help
These missteps can wind up costing you more than you expect today or serve as a time bomb that will explode many years in the future.
Planning for a financially secure future
Surviving a divorce with your finances intact isn't impossible, but it does require careful planning. You need to remember that you have full ownership of your financial situation after a divorce, but you don't have to navigate this situation alone.
You can consult financial and legal professionals to help you understand the full financial picture of your life after a divorce and pursue resources like spousal support and the division of marital assets. Further, creating a thoughtful spending plan can help you live comfortably within your means, pay off debt and increase savings.
Divorce can be particularly challenging for women. However, by educating yourself about which significant financial mistakes to avoid, being mindful of overspending and taking that extra step to plan your finances, you can take control of your financial future and live more comfortably after a divorce.
]]>On Behalf of Jeffrey N. Greenblatt of Joseph, Greenwald & Laake, PAhttps://www.jnglaw.net/?p=2359152023-06-14T13:57:33Z2023-06-08T13:16:48ZA lifetime of commingled assets
Property division is always more of a challenge when couples have spent more years building a life together. All of the income earned during the marriage and property ranging from designer clothing to antique mid-century modern furniture will be subject to asset division in the divorce proceedings. Trying to find a fair and reasonable way to divide those resources can be a challenge, and couples may even struggle to identify and value all of their shared property after a multi-decade relationship.
Shared retirement savings
Couples typically prepare for retirement as a unit. They base their budget on the expectation that they will maintain one household. Both spouses may have contributed to a single retirement account or may have maintained their own savings, possibly through their employers. They may also expect to supplement their savings with Social Security retirement benefits. Divorce typically means needing to divide retirement accounts, even if the couple only held them in one person's name. However, it is possible to divide the accounts without penalties in most cases, and lower earnings spouses can often request Social Security benefits based on an ex-spouse's income if they did not accrue enough credits for retirement benefits or if they would receive far less than their spouse in benefits.
The cost of a divorce itself
Spouses who are able to settle things amicably can keep their divorce expenses lower, but those who end up embroiled and disputes and litigating key decisions about support and property division may spend several times more on a divorce than those who agree on terms. Longer marriages often lead to more intense emotions during dissolution, which can easily lead to unnecessary and costly conflict.
Those who are aware of the unique financial challenges that can affect a Maryland gray divorce may have an easier time avoiding common pitfalls. Carefully planning to handle financial challenges is important in any divorce, but perhaps especially in a gray divorce where spouses have much property to divide and minimal future income to replace what they lose during the divorce process.
]]>On Behalf of Jeffrey N. Greenblatt of Joseph, Greenwald & Laake, PAhttps://www.jnglaw.net/?p=2358812023-06-01T17:31:18Z2023-06-01T19:48:36ZTHE FACE OF High-Stakes Divorce Cases - Jeffrey N. Greenblatt, 2023]]>On Behalf of Jeffrey N. Greenblatt of Joseph, Greenwald & Laake, PAhttps://www.jnglaw.net/?p=2355222022-10-31T17:36:28Z2022-10-31T17:36:28Zhead down the divorce path.
An accurate valuation is crucial
It is crucial to ascertain an accurate value to your business. While the value of many marital assets – such as homes and 401k accounts -- are not difficult to determine, others such as your business will prove more challenging and more expensive to value.
So, how will you determine how much your business is worth?
Talk to your corporate attorney, your accountant and your divorce attorney. Your company may have been valued in the past. The more recent the valuation the more useful it is for the divorce. However, the Court in Maryland requires that the valuation date be as close as possible to the date of divorce. Therefore, an aged value will need to be updated. Moreover, if you don’t already have one, the value as of the date of marriage (assuming the company had value at that time) must be determined.
If no valuation has been done, obtain the name(s) of valuation experts from your corporate or divorce attorney or your accountant and arrange to meet with them sooner rather than later. They will need a host of business records and will meet with you to gather as much information about the company as they can.
A skilled attorney can help
Understandably, the valuation process can be difficult and confusing for a nonprofessional. An added challenge is the ability to then explain your company’s value to a judge, whose decision determines just how much of the marital value, if any, must a shared with your estranged spouse. An experienced family law attorney working in conjunction with your corporate attorney and accountant can help you determine the value of your company and advocate for you at every step.
]]>On Behalf of Jeffrey N. Greenblatt of Joseph, Greenwald & Laake, PAhttps://www.jnglaw.net/?p=2355252022-10-31T16:50:16Z2022-10-31T16:50:16Zcan protect your business in advance by making use of a prenuptial agreement. Let us look at some of the benefits of doing so.
Considering Appreciation
Successful businesses are likely to become more valuable over time. Without a prenup, you risk a court declaring that some or all of the value of that business is marital property. Marital property is any property acquired by either spouse during the marriage. Acquisition is an ongoing process that may involve payments of money toward the acquisition of the business or marital effort that enhances the value of the business. The value of the marital portion of the business is subject to being awarded to your spouse. For instance, maybe your company is now worth $1 million dollars but it was only worth $100,000 when you got married. By planning for this possibility ahead of time, a prenup can protect most or all of the value of your business.
Establishing that Value
A prenup can be used to establish the value of your business at the time of your marriage. If the prenup is properly drafted even if you decide to split the profits or losses with your spouse during the marriage, the value as of the date of marriage can be protected as well as any increase in value regardless of whether the increase is attributable to your efforts during the marriage.
Defining your Assets
You may also want to use the prenup to define how your assets should be classified. Is money that the business earns considered money owned by that business, or is it your income? Do you draw a salary from your business and do you need to share this money with your spouse? Does that mean you also have to share the business’s earnings?
These are all important questions to ask your attorney, and you can certainly address them in a prenuptial agreement. Just make sure you understand what legal steps to take.]]>On Behalf of Jeffrey N. Greenblatt of Joseph, Greenwald & Laake, PAhttps://www.jnglaw.net/?p=2354922022-07-27T13:00:35Z2022-08-08T12:00:09ZEven when you and your spouse agree it’s time for your marriage to end, the divorce process can be difficult. Emotions and stress often cause people to make mistakes that sabotage their divorce and make the entire process even more challenging.
Knowing what some of these mistakes are, is the best way to avoid them.
Making decisions based on emotions
It is normal to feel an array of emotions when going through a divorce. Even though this may be the case, you should not solely base decisions on emotion, especially decisions that will have long-term implications. For example, while the thought of parting with the marital home where your children grew up may be overwhelming, it is critical to also think in terms of whether keeping the home is financially feasible for you post-divorce.
Over-sharing on social media
Most people use social media to keep up with family and friends and provide updates on their life. During a divorce, this can backfire, especially if you post too much about your situation. Remember, anything you post is public, which means it may even be used against you in the divorce proceedings. It’s best to avoid social media completely until your divorce is final.
Protecting yourself and your rights during your divorce
Divorce is challenging in most cases. You have to take steps to protect yourself and ensure the outcome works for you and your children. It’s also wise to learn as much as possible about your legal rights and options to ensure the decisions made account for you and your needs both now and in the future. ]]>