The Impact of Property Division on Maryland Divorces

If you're currently going through a divorce in the State of Maryland, you may want to learn more about the significant impact that property division can have on a divorce case. Thankfully, a property division lawyer from a reputable law firm can guide you. Our team here at Z Family Law has broken down the impact of dividing property. Read on for insight into the key factors involved in the process of dividing assets, and gain a deeper understanding of this vital aspect of divorce.

Marital Property in Maryland

When going through a divorce case in Maryland, one significant aspect to consider is the division of marital property. Marital property refers to assets owned by both spouses during their marriage, whether because they were acquired by both spouses during the course of the marriage, or because they were separately held assets that became marital one as a result of commingling or some other process. Maryland follows the principle of equitable distribution, which means that the court aims to divide marital property fairly, but not necessarily split 50-50. Overall, the division of assets can be complex, especially when separate assets have been commingled with marital property. That's why it's necessary to seek out the assistance of an experienced asset division attorney.

Equitable Distribution

Equitable distribution is the principle that governs how the court divides assets. Essentially, it means that they will be divided in a fair way. This can apply to a contested or an uncontested divorce. But how does equitable distribution differ from dividing property equally? For starters, marital assets may be divided 60-40 or even 70-30 if one party earns significantly more than the other, there was dissipation of marital assets, or there was significant marital fault. The overall distribution will ultimately depend on what the court considers to be the most equitable for both parties involved as opposed to simply splitting all assets down the middle.

How Property Is Divided in Maryland

Maryland law states that judges can determine whether property is marital, non-marital, or family-use personal property. They also typically can assess the value of a property, and they apply the equitable distribution principle discussed in the previous section. Learn how property is divided step by step below:

1. First, the court will consider both the financial and non-financial contributions of each spouse during the marriage.
2. Then, they will assess the duration of the marriage and assets obtained during the marriage.
3. The court will examine the circumstances that led to the divorce, including any misconduct, especially if it diminished or otherwise impacted marital assets (e.g., one party spent large sums of money conducting an affair).
4. They will then decide what is most fair and equitable to both parties considering each family’s unique circumstances.

Now that you're aware of the steps, you can quickly see why you may want a reputable property division lawyer to represent you. Choosing an attorney with years of experience in the field allows you to improve your circumstances when it comes to asset division, and ensure you walk away with everything that’s owed to you.

Principles of Asset Division

To reach an equitable decision, there are some principles that courts have to consider. Check out some of the most important factors that impact property division in Maryland:

• Monetary and non-monetary contributions made by each party
• Property value of assets held by spouses
• The economic standing of each spouse
• The cause of divorce
• Duration of the marriage
• Age of the parties
• Physical and mental health of each spouse
• Timing and circumstances involving the acquisition of retirement assets and family-use personal property
• Any monetary award, family-use personal property, and family home awards
• Any other factor that the court deems necessary in arriving at an equitable monetary reward

Keep in mind that if your case goes to trial, all of these factors are considered. Contacting a property division lawyer is the best way to increase your chances of a favorable outcome.

How Asset Division Impacts Couples in the Divorce Process

Divorce cases involving asset division can become complex and emotionally charged, especially when there are disputes over significant assets or debts. The parties may be required to submit a separation agreement that outlines how property (including retirement assets) should be divided.. If an agreement cannot be reached, the court steps in and divides the assets based on the principles of division in the State of Maryland.

This is why having a property division lawyer by your side is crucial. Our team here at Z Family Law can provide invaluable guidance and representation to advocate for your best interests. We can help you understand the applicable laws, negotiate settlements, or even litigate your case if necessary.

In conclusion, asset division plays a pivotal role in determining the financial stability and well-being of both parties involved in the divorce process. The equitable distribution of assets ensures a fair and just resolution. That way, both parties can transition from married life to independence without unnecessary friction. If you're a Montgomery County resident looking to achieve a sense of economic fairness and stability in your divorce, you'll want to reach out to our team of experienced legal professionals to stand alongside you. We'll help you move forward with a solid foundation so you can build the new beginning that you deserve.

Schedule your initial case assessment with us today and get on with your life.