During divorce proceedings, a couple will need to discuss how they are planning to divide their shared marital property. Marital property is defined as any debts or assets that were acquired during the marriage, either by one party or jointly. Assets purchased before the marriage are not subject to property division, nor are any gifts or inheritances received by one party.
Some examples of property that may be subject to property division laws are:
- A shared house
- Real estate holdings, including vacation homes and investment properties
- A shared car
- Investment accounts and retirement accounts
- Personal property
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Some of these factors are:
- The value of all the property
- When the property was acquired
- The age of each party
- The duration of the marriage
- The monetary and nonmonetary contribution of each spouse
- The circumstances leading to the estrangement
- Any alimony being awarded to either spouse
- The economic circumstances of both spouses
- The mental and physical condition of each spouse
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Property Division Laws in Maryland
Maryland is an “equitable distribution” state. This means that the court will generally not divide property right down the middle, but instead, they will attempt to divide property in a way that is fair for all. This will usually result in an almost equal distribution of property. In Maryland, all property owned by both spouses is subject to division during divorce proceedings.
During divorce proceedings, Maryland courts will use a multi-step process to decide how best to equitably divide property between a couple.
These steps are:
- Determining what property owned by both spouses is marital property
- Deciding the value of each piece of marital property
- Dividing the value of the entire marital estate through a number of methods,including monetary awards and transferring an interest in a real estate property
It is imperative that you use the service of one of the accomplished and reputed divorce lawyers in MD to get the right legal consultancy and guidance on the road ahead. You can Google the ‘best separation lawyer near me’ to get a list of the best divorce lawyers practicing near you.
If you want to learn more about Maryland’s property division laws, contact us at law office of Rowena N. Nelson, LLC,and we’ll walk you through all of the property division laws in Maryland.
To learn more about Property Division laws in Maryland, contact us.
Choosing the Right Family Law Attorney for your Property Division Case
During your property division case, it’s important to have a lawyer who understands the intricacies of divorce law. At the law office of Rowena N. Nelson, LLC, we have many years of experience working in the family law field. We’ll be able to answer all of your property division questions, and we’ll be able to advise you on the best ways to move forward on your case. At law office of Rowena N. Nelson, LLC, we’re able to help with anything you need during your property division case.
At law office of Rowena N. Nelson, LLC, we’re able to help with all of your family law and property division law needs. Contact us at RNN Law, the best divorce lawyer Largo, and we’ll set up an appointment for you with one of our outstanding family law attorneys.