Summary Divorce and Hidden Property in Maryland Divorce Law
Divorce has many types and kind, for instance, contested divorce, uncontested divorce, at-fault divorce, no-fault divorce, etc. All these kinds exist in Maryland Divorce Law. However, there is one kind which is not allowed in Maryland, i.e., Summary Divorce.
This kind is opted for when:
€ Marriage must be under five years in length
€ Marriage produced no children
€ Marital asset amount is under $35,000
€ Married couple is under no mortgage obligation
€ Each individual's personal assets are less than $35,000
Thus, we can say that if you are filing for a divorce and meet only few requirements in your state, you could possibly file for a summary divorce and save both time and money. A summary divorce is generally sought if the divorcing couple has no children and limited or no assets that would need to be divided, like mentioned above. Each state is different in how they require a summary divorce to be filed, however; the Divorce Law in Maryland does not permit Summary divorces.
Instead, marital settlement agreements are specifically authorized by statute of Maryland and may be used for full corroboration of a plaintiff's testimony, that a separation was voluntary if:
1) the agreement states that the spouses voluntarily agreed to separate;
2) the agreement was signed under oath before the application for divorce was filed.
In addition, each spouse must file a Financial Statement Affidavit and a Joint Statement of Marital and Non-Marital Property. That is why; it is illegal to hide or not disclose any property in front of the court. In Maryland, the Divorce Law allows the court to search for hidden property in case of property distribution. The spouse filling for divorce can also search for hidden property in various ways like:
€ Collusion with an employer to delay bonuses, stock options or raises until after the divorce. You might find this information by taking the deposition of your spouse's boss or payroll supervisor, but more likely you'll need a forensic accountant.
€ Salary paid to a nonexistent employee. The checks will be voided after divorce. Again, you might find this information by taking the deposition of your spouse's boss or payroll supervisor, but you'll probably need a forensic accountant.
€ Money paid from the business to someone close -- such as a father, mother, girlfriend or boyfriend -- for services never rendered. The money will no doubt be given back to your spouse after the divorce is final.
€ A custodial account set up in the name of a child, using the child's Social Security number.
€ Delay in signing long-term business contracts until after the divorce. Although this may seem like smart planning, if the intent is to lower the value of the business, it is considered hiding assets.
€ Skimming cash from a business he or she owns.
€ Antiques, artwork, hobby equipment, gun collections and tools that are overlooked or undervalued. Look for lush furnishings, paintings or collector-level carpets at the office; income that is unreported on tax returns and financial statements.
€ Debt repayment to a friend for a phony debt.
€ Expenses paid for a girlfriend or boyfriend such as gifts, travel, rent or tuition for college or special classes.
€ Investment in certificate "bearer" municipal bonds or Series EE Savings Bonds, which do not appear on account statements because they are not registered with the IRS. (The government is phasing out these bonds, realizing that it is losing a lot of money.)
€ Cash kept in the form of traveler's checks. You may be able to find these by tracing bank account deposits and withdrawals.
This kind is opted for when:
€ Marriage must be under five years in length
€ Marriage produced no children
€ Marital asset amount is under $35,000
€ Married couple is under no mortgage obligation
€ Each individual's personal assets are less than $35,000
Thus, we can say that if you are filing for a divorce and meet only few requirements in your state, you could possibly file for a summary divorce and save both time and money. A summary divorce is generally sought if the divorcing couple has no children and limited or no assets that would need to be divided, like mentioned above. Each state is different in how they require a summary divorce to be filed, however; the Divorce Law in Maryland does not permit Summary divorces.
Instead, marital settlement agreements are specifically authorized by statute of Maryland and may be used for full corroboration of a plaintiff's testimony, that a separation was voluntary if:
1) the agreement states that the spouses voluntarily agreed to separate;
2) the agreement was signed under oath before the application for divorce was filed.
In addition, each spouse must file a Financial Statement Affidavit and a Joint Statement of Marital and Non-Marital Property. That is why; it is illegal to hide or not disclose any property in front of the court. In Maryland, the Divorce Law allows the court to search for hidden property in case of property distribution. The spouse filling for divorce can also search for hidden property in various ways like:
€ Collusion with an employer to delay bonuses, stock options or raises until after the divorce. You might find this information by taking the deposition of your spouse's boss or payroll supervisor, but more likely you'll need a forensic accountant.
€ Salary paid to a nonexistent employee. The checks will be voided after divorce. Again, you might find this information by taking the deposition of your spouse's boss or payroll supervisor, but you'll probably need a forensic accountant.
€ Money paid from the business to someone close -- such as a father, mother, girlfriend or boyfriend -- for services never rendered. The money will no doubt be given back to your spouse after the divorce is final.
€ A custodial account set up in the name of a child, using the child's Social Security number.
€ Delay in signing long-term business contracts until after the divorce. Although this may seem like smart planning, if the intent is to lower the value of the business, it is considered hiding assets.
€ Skimming cash from a business he or she owns.
€ Antiques, artwork, hobby equipment, gun collections and tools that are overlooked or undervalued. Look for lush furnishings, paintings or collector-level carpets at the office; income that is unreported on tax returns and financial statements.
€ Debt repayment to a friend for a phony debt.
€ Expenses paid for a girlfriend or boyfriend such as gifts, travel, rent or tuition for college or special classes.
€ Investment in certificate "bearer" municipal bonds or Series EE Savings Bonds, which do not appear on account statements because they are not registered with the IRS. (The government is phasing out these bonds, realizing that it is losing a lot of money.)
€ Cash kept in the form of traveler's checks. You may be able to find these by tracing bank account deposits and withdrawals.
