Despite a couple’s best efforts, not all marriages last forever. A divorce is a situation in which many couples never thought they’d find their relationship and it can be a stressful situation. One of the more contentious issues in a divorce is property division.
Maryland is an equitable distribution state. This means that the courts often work to ensure each spouse receives an equal portion of marital property. Although this may not mean they get equal distribution, often the courts allow each spouse to receive fifty percent of the marital property.
Marital property is anything the couple received when they were married. This includes property, financial accounts, retirement accounts, pensions, jewelry and other assets. There can be situations where some assets are separate, including those that a person acquired before a marriage and inheritances.
The court considers several factors when distributing property between the spouses. These include how much each spouse contributed to the family, including income and taking care of the home and children. A court can also take into account how much each person’s property is worth, how long they were married, the age of each spouse, the physical and mental condition of each spouse, how and when assets were acquired and how much each person gave, etc. A legal professional who specializes in divorce can help their client through the property division stage of a divorce. An attorney understands how important it is for their client to receive their fair share and will fight hard to make sure their client’s needs are met both now and into the future.
