Blog Posts in June, 2015

  • Dividing marital property at the time of divorce

    Each state has developed it's own statutory laws which govern the division of property at the time of divorce. In Maryland, the legislature has adopted a three step process which requires the court to engage in the following three steps: 1) Determine what property is marital property under Family Law Section 8-203. Generally, this is all property accumulated during the mariage and excludes any ...
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  • Apportioning tax deductions for minor children in a divorce

    Under IRS regulations, the parent “with whom the child resided for the longest period of time during the taxable year” has the right to claim the tax exemption for a minor child. IRC Section 152 (c)(4)(B)(I). However, the IRS also allows the custodial parent to execute a signed waiver disclaiming the child as an exemption in any given year. This allows the parties to a divorce to allocate the ...
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