Dividing your property may not be easy, depending on how long you’ve been married and how intertwined your finances are. Maryland is an equitable distribution state, so you and your spouse are not guaranteed to receive 50% of your marital property. Instead, you will need to negotiate to determine a fair split of your property. If you have a prenuptial or postnuptial agreement, it will take precedent as long as it is valid.
There are many assets that you may have that are considered marital property. For example, some common assets include:
- Personal vehicles
- Shared savings or checking accounts
- Homes or other properties
- Stocks and bonds
Marital property refers to all possessions or interests that you’ve gained since getting married. There are exceptions, in some cases, which is why it’s smart to talk to your attorney and to work out which assets fall under separate property and which are considered to be marital property.
Maryland’s courts do like to see a fair property division. Fair, in your case, may mean walking away with 70% while your spouse walks away with 30%. It might be a 50-50 split. Generally, fair starts with splitting all marital property down the middle, but with documentation and good reasoning for wanting a greater portion, a court will agree to an unequal property split. You and your spouse can also settle your property division arrangements outside court so that you don’t have to rely on a judge to make that separation for you. Your attorney can help you negotiate and work out a property division agreement that works for you.