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Marital property is all property that has been acquired during the marriage, including (but not limited to):
Non-marital property falls into one of the following categories: (1) the property you owned prior to your marriage; (2) the property you acquired during your marriage by inheritance or gift from third parties (not your spouse); or (3) any property directly traceable to any of the above sources. In divorce, each party will keep their non-marital property, provided they are able to prove that the property was directly acquired from one of the three categories listed above.
This means that each spouse should be able to walk away from the marriage with an equal share of marital assets (and debts). However, this does not mean that every account is simply divided equally in half and turned over to each party. It means that if one person receives an asset of considerable value, the other party may receive multiple assets that add to equal value to make up for any shortfall.
When seeking a divorce, it is common for numerous couples to simply want an even split of property. This is something that they may deem as fair; however, when it comes to Maryland family law, how property is divided does matter. Indeed, it can affect other aspects of a divorce settlement, simply meaning that by accepting certain terms, one spouse may find that he or she is giving up other things that could be beneficial after a divorce is finalized. Additionally, how property is divided can also affect how much child support or spousal support one may be awarded.
To learn more about how property division can affect these areas, please visit our firm's website. Here you will also learn about how we can help you with any other property division problems.
Attorney Dana Whitten represents clients in courts in most Maryland counties, including Montgomery County, where our Rockville office is conveniently located near the courthouse. We invite you to contact us at (301)762-2528 or using our online contact form to schedule a consultation. We look forward to working with you on your case.