Divorce can be an uncertain time. Not only are divorcing people facing the end of their marriage, they may also have questions about their future financial health. Many of these questions are related to the distribution of property.
What property will the courts divide?
Under Maryland law, any property acquired during the course of your marriage is considered marital property. This includes money, debt, retirement benefits and real estate. Marital property can even include property listed only one spouse’s name and property acquired after you and your spouse separated but before your divorce was finalized. This property is considered jointly owned and will be divided during the divorce.
Generally, the court views a spouse as the sole owner of the gifts or inheritance they received during the marriage as well as the property that they acquired before the wedding.
How will the court divide this property?
While many may think that the court will divide their property equally, this is not necessarily the case. Maryland divides property according to what is fair to the spouses involved, allowing for greater flexibility in how those assets are distributed. One spouse may receive a greater share of their marital property if they have spent time away from the workforce to support their family or if they will be the primary caretaker of the couple’s children.
If you have questions about how your property will be divided at the end of your marriage and how you can protect your financial health, you may want to speak to an attorney about these questions. They can help you build a legal strategy that protects your property and your finances.