Navigating through a divorce process can seem like a daunting task. It becomes even more complicated when you start thinking about the distribution of assets. In Maryland, achieving a fair divorce settlement is not just a possibility, it is a realistic goal.
Moreover, a fair settlement does not always mean an equal division of assets. Maryland uses an equitable distribution model which means that the court divides assets in a manner that the court deems fair, but not necessarily equal.
Understand marital property
In Maryland, marital property includes any assets that you and your spouse have acquired during your marriage. This can include real estate, vehicles, personal belongings, financial investments and retirement accounts. The court will divide these assets in a manner that it considers equitable or fair. However, any property that you owned before the marriage or inherited or received as a gift during the marriage remains separate and does not become part of the marital property.
Consider your financial future
When going through a divorce, it is important to think about the impact of the divorce settlement on your future income and expenses. You should consider your future earning potential, your retirement plans and any expenses related to raising your children. These considerations will help you determine what you will need to live comfortably after the divorce.
Negotiate the settlement
Negotiating the divorce settlement is often the most challenging part of the divorce process. You and your spouse will need to communicate and compromise to reach a settlement that you both find fair. Keep in mind that the goal is to reach an agreement that respects both parties’ interests and ensures a stable future for both.
Divorce proceedings can take time, and it is important to have patience throughout the process. Rushing to settle the divorce can result in an unfair division of assets. Take your time to understand the value of your assets and how their division will impact your financial future.
