How is property divided during a divorce in Maryland?
Key Takeaways
- Maryland divides marital property, which is any property acquired during the marriage.
- Property owned before marriage or gifts received individually remain separate property and aren’t subject to division.
- Court considers factors like marriage length, financial contributions of each spouse and economic situations when dividing marital property.
Maryland follows "equitable distribution" for property division during divorce. This means the court aims for a fair but not necessarily 50/50 split of marital property. Let’s dive into this so you can better understand.
What's marital property?
Property acquired during the marriage by either spouse is marital property. This can include houses, cars, bank accounts, retirement plans and even inheritances that were commingled with marital funds. The length of ownership doesn't matter; if it was acquired during the marriage, it's likely marital property.
What's separate property?
Property owned by either spouse before the marriage is generally considered separate property. Inheritances or gifts received by one spouse individually also remain separate.
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How do Maryland courts divide property?
To equitably distribute marital property, Maryland courts first determine the value of each asset. Then they consider various factors to determine a fair division. This includes:
- How long the couple was married.
- How much each spouse contributed to the marriage financially and otherwise (such as caring for children or the house).
- Each spouse’s economic situation.
- The tax consequences of dividing certain assets.
- Any misconduct by either spouse during the marriage.
Each spouse may receive physical assets (such as a car or couch) or a monetary award to balance the value of assets received by the other.
Do we need to let the court decide?
If you and your spouse can work together, you may be able to reach an agreement about property division through mediation or negotiation. If you do, you can include this in your settlement agreement for the court to approve.
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