Going through a divorce is a complicated situation. No one plans a wedding, lives with another person and has children, thinking marriage will end. Unfortunately, it’s more common than it seems, and it leads to several important situations to consider.
First, the spouses must decide who will care for the children after separating. Parents may be able to come to an agreement on their own. If the parents can’t agree, the court will determine a child’s custody arrangement in a trial.
Another important decision is how to divide marital property. The division of assets is often one of the most contentious parts of the divorce process.
Marital and Non-Marital Property in Maryland
There are two types of property according to Maryland law: non-marital and marital property. Generally, with a few exceptions, the non-marital or separate property includes all the assets acquired before a marriage. The extramarital property typically stays with its owner after a divorce.
An inheritance or gifts aren’t considered marital property. They should remain outside the property distribution and stay with their original owner.
Marital property refers to assets acquired during the marriage by either of the spouses. The property may be in the name of either spouse. It is divided in a manner that the court deems to be fair after taking into account the financial situation of both spouses. Marital property is divided between spouses, regardless of who owns the title.
How to Divide Assets in a Maryland Divorce?
Initially, the spouses should decide on the division of assets. Spouses often hire attorneys to assist in the negotiation of property division. If they can’t agree, the court must intervene. It will do so with a property division lawsuit to determine the distribution.
Maryland Courts divide marital property on a fair basis. Each spouse sometimes gets half of the marital property, but this is rare. The court considers various factors before deciding on the distribution of assets. For example:
- Real estate valuations
- The employment situation of each spouse
- The duration of the relationship.
- The age, health, and social circumstances of each spouse.
- A prenuptial agreement (if one exists)
If you’re in a separation and want to divide your assets, you should know your property’s value. You should also know what counts as marital property and the assets to divide.
Remember that you can seek an attorney with experience in property division in Maryland. A professional can help you know your legal options and how to work out a fair agreement. At the same time, he or she can help you through the legal process and defend your interests in court.