Going through a divorce is a busy time for couples and their families. However, it is important that couples know what to expect so they can ask any questions they have during the separation and divorce process. In addition to child custody, asset division is one of the biggest things that spouses who are going through a divorce deal with.
Here are some things to expect when it comes to asset division in Maryland.
Equitable property division
Maryland is an equitable property division state, rather than a community property state. This means that the division of assets will not likely be 50-50, but rather based on something like how much each spouse earns in income, for example.
Houses and child custody
If a person and their spouse own a home and have minor children together, the spouse who receives primary custody of the kids generally gets to remain in the house. If there are no minor children involved, however, the case gets more complicated and other factors will come into play when making this decision.
Factors involved in asset division
When looking at asset division, some of the factors involved include:
- How long the marriage lasted
- Whether a spouse acquired assets before or after marriage
- The individual earning power of each spouse
It is wise for spouses to provide any information that they think is pertinent when undergoing divorce proceedings.
By knowing what to expect from asset division during a divorce, couples can know what to ask and make the best decisions for themselves and their families.