Maryland residents who have ever gone through a divorce know that sorting out financial issues can be a complex process. Those who are considering a divorce may wish to consider some of these potential pitfalls ahead of time. One consideration is whether a spouse's business credit card debt could have any affect on a soon-to-be ex's own credit rating. One woman who wrote in to a well-known media outlet wanted to know if her credit rating could take a hit in the event that the husband she was divorcing failed to pay his business credit card bills on time.
It took significantly longer than the actual marriage lasted, but the divorce between reality star Kim Kardashian and NBA player Kris Humphries has been finalized at last. The divorce case took just under 18 months to be finalized. This seems like a startling length of time when compared with the fact that their marriage itself only lasted a brief 72 days. Maryland fans who may have been following along with the case may have found themselves wondering if the divorce was ever actually going to happen.
After a divorce, some Maryland individuals may find themselves wondering what steps they can take to set themselves up for financial success moving forward. Certain former spouses may also want to know the best method they can use to protect their credit from any potential hits after a divorce. While some marriages end amicably, others could leave one spouse worried that another may do something that could hurt their credit standing.
Divorce can be difficult enough for the average Maryland couple to have to go through, with considerations like property division, child custody and spousal support to be hashed out. It can be especially challenging for individuals who are regularly in the public eye to handle. Celebrities often have to contend with a lot of publicity in addition to the more mundane concerns that can pop up in the wake of a divorce announcement.
Hindsight is always 20/20. As such, many who have gone through divorce wish that they had done certain things differently. In many cases, Maryland spouses undergo difficulties associated with cash flow during the divorce process, and wish that they had set aside funding to weather the timeframe between filing and the final settlement. However, the decision to create and maintain a 'secret' divorce fund has both benefits and risks.
Many of our Maryland readers may have heard of Bethenny Frankel, the founder of popular brand 'Skinnygirl' and one of the faces of reality television. Recently, Frankel has taken to the media reporting that she and her husband, Jason Hoppy, have separated. News of the separation has spread throughout the media leaving many questioning whether divorce is the next step.
Divorce can be a challenge, even in the best of scenarios. When that process is complicated by a personality disorder, the situation can become incredibly complicated and stressful. While many Maryland spouses throw around terms such as 'sadistic,' 'bi-polar,' and 'narcissist,' in reality these are serious psychiatric conditions that have become integrated into our lexicon. When a condition such as narcissism truly exists within a divorcing couple, the divorce process can become significantly more difficult for the other partner.
Last April 26, we posted a piece on this blog about the benefits of a collaborative divorce in Maryland ("Reduce stress with divorce by working together"). This style of divorce appears to be gaining in favor, as opposed to the traditional notion of fighting it all out in court. One problem with a litigated divorce is the cost, together with the wait to have one's case heard by a judge. On the other hand, a collaborative approach involves the couple working with a team of interdisciplinary professionals to solve problems in a supportive and cooperative effort.
Choosing how to divide property and assets during a divorce can be challenging for some Maryland couples. For couples with a high-net worth, the process can be even more challenging. Recently, another celebrity divorce has graced media reports. The divorce of Kelsey and Camille Grammer is not new news to many, but their reaching a settlement in their division of assets may be.
Divorce affects every Rockville couple differently, though the one constant that every couple faces is that divorce alters their financial situation. Whether it is losing one income, paying child support or spousal support, or dividing certain assets, the financial implications of divorce are very real. One thing that couples may benefit from considering is how their financial situation will stand in the weeks and months following the divorce.