There often is a stigma associated with a prenuptial agreement. Many associated it with a lack of trust of their partner or that it is contrary to the notion of true love. While it is a taboo subject for many couples to talk about, prenuptial agreements can serve as a benefit in many ways and do not have to be one-sided.

What is a prenuptial agreement? A prenuptial agreement (often referred to as a "prenup") is a contract created by two people before they enter into a marriage. It cover items like alimony and spousal maintenance, division of property, and protection of separate property. It can also address issues of debt accumulated prior tot he marriage and ensuring that your spouse isn't responsible for paying it back in the event of divorce.

Contrary to popular belief, prenups can be beneficial to both partners. While no couple wants to think about divorce, it is better to plan and protect yourself now rather than at the time of divorce when emotions are running high. Rest assured that both partners will have a complete list of each other's assets prior to signing an agreement as that is a requirement under Maryland law. They also will each be represented by separate counsel who will help them draft, negotiate, and advise them on its terms. For additional information on prenuptial agreements, call us at (443) 741-2567 and we would be happy to answer all of your questions.

When contemplating a divorce, many people are not only facing emotional stress but also worry about their financial well-being. It is extremely important to think about your financial situation and try to plan ahead as much as you can prior to filing for divorce. Some helpful tips in doing so may include:

1. Creating a list of your financial assets. These may include cash, saving accounts, stocks, bonds, and any real estate investments. You should also consider whether some assets have tax consequences if you access them early. For example, retirement assets generally carry a penalty on early distribution as well as you having to pay the income tax on them.

2. Create a list of your debts. Any debt that was accumulated during the marriage will be considered marital debt and both spouses are obligated to pay the debt. A judgment of absolute divorce does not terminate your financial obligation to the creditor. Often times, parties are able to come to an agreement as to who will be responsible for making payments towards the debt.

3. Taxes. You should have a copy of your prior years' tax filings and consider your tax implications as to whether you should still file jointly while separated or file as single. You should consult with a CPA to learn more about your options before reaching an agreement with your spouse about your taxes. If you have children, you should also consider a head of household filing status if you are the custodial parent.

Divorcing couples often need to make hard yet sound financial decisions. Unless you are changing jobs and earning a higher salary, it is very likely that you will have the same amount of income but more expenses when you are divorcing. It is important to be realistic about your future and reach a meaningful agreement on the division of marital assets/debts when appropriate. Of course, not everyone is able to reach a mutual agreement and in that situation, the court will issue a court order after a trial to determine how the marital assets/debts should be divided. If you have any questions, please feel free to reach us at (443) 741-2567.

If you filed a family law case in the circuit court, it is very likely that the parties will be ordered to attend a settlement conference. What exactly takes place at a settlement conference? A settlement conference is designed to help the parties reach a settlement agreement in their case. The parties and their attorneys (if they do not have an attorney, the party attends the conference by themselves) meet with a retired judge who hears the facts of the case and tries to help the parties reach an agreement. That retired judge will not be the same judge who will hear the case should the case proceed to trial if the parties do not settle. Often times, the settlement judge will meet with the parties separately and go back and forth until the parties reach an agreement. If an agreement is reached, the agreement is then placed on the record and it becomes official. At that time, any future trial dates may be vacated or modified to reflect that the matter is now uncontested. If the parties are not able to reach an agreement, then the matter will proceed to the scheduled trial date.

It is important to be as prepared for a settlement conference as possible. It is an effective way to reach an agreement and minimize fees without having to go to a long trial. If you have any questions, please call us at (443) 741-2567 and we would be happy to meet with you to discuss your case.