For many Maryland residents going through a divorce, particularly those who do not have minor children, the issue of property division is the most important topic to address in the case. We all work hard for what we own and attempting to divide up assets can be a tricky issue, as can the issue of dividing up debts. So, what do our readers in Maryland need to know about property division in a divorce case?
Well, for starters, the term “equitable division” is crucial. This legal term means that, unless the divorcing couple can reach their own terms on how to divide property and debt, a family law judge will do so for them in a way that is fair – which doesn’t necessarily result in a 50/50 split. Family law judges will look at a wide range of factors to determine what a fair split of the couple’s assets and debts would be.
However, not all property and assets are considered marital property. If one of the spouses owned property prior to the marriage that has been kept separate from their joint assets, that property would be considered separate property and, therefore, not subject to the property division process. An inheritance is another example of assets that might be kept outside the process of divvying up assets and debts.
In the end, if a couple can negotiate out of court and reach a settlement as to what is a fair division of assets and debts, the process will usually be cheaper and less complicated. However, not all divorce cases are simple, and some couples are simply incapable of agreeing on divorce settlement terms. In situations like that, it is crucial to advocate fiercely for your rights.
