Property division is likely near the top of the list of concerns divorcing couples in Maryland may have. It is important for divorcing couples to be familiar with how property division is handled in Maryland during divorce so they know what to expect and can protect their interests.
Property division during divorce is conducted in Maryland according to equitable property division rules. For the divorcing couple, this means that the family law court will seek to develop a property division settlement agreement that is as fair as possible to each of the divorcing spouses. This may not mean that marital property is divided in half between the couple, but it will be divided as fairly as possible between the spouses.
Only marital property is subject to division during divorce. Marital property includes income, assets and property acquired during the marriage. It is distinguished from separate property which is property that is not subject to the division process during divorce. Separate property can refer to property that is received through inheritance or gift or through some other circumstances as well.
Property that may be a part of the property division process during divorce can include real property such as a family home and real estate; cars; personal property; retirement funds; business interests; and other financial assets and property.
It is important for divorcing couples to have an idea of their property and their priorities related to how they would like that property to be divided. The family law court can help divorcing couples reach a property settlement agreement that is as fair and possible and helps both spouses focus on a positive financial future following their divorce.