If you are facing divorce, you may be dealing with a good bit of anxiety concerning the property division phase of the process.
Some couples believe they have little in the way of property to divide while others have significant assets and worry about resulting complications. In terms of dividing your marital assets, what can you expect?
Maryland is an equitable distribution state and in a divorce, a judge will divide marital property in accordance with the Marital Property Act. This means that there will not necessarily be a 50-50 split. The court will divide property between the parties in as fair a manner as possible. If, for example, one party keeps the marital home in the divorce settlement, the other party should receive assets of similar value.
Most important assets
In addition to the marital home, the assets of greatest value in terms of property division are retirement accounts and pensions, the family business and any other real property. Remember that property division also includes dividing marital debt, such as what you and your spouse owe in loans and credit card debt.
Factors to consider
In preparation for dividing marital property, each asset must undergo identification and valuation. Subsequently, the judge will consider several factors including the length of your marriage and the contributions you made to your family and to the household. Those with fewer assets should not expect property division to be unduly complicated, but everyone facing this important process can benefit from legal guidance to ensure the best outcome possible.