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Dividing marital property and debt in a divorce

| Apr 27, 2020 | Property Division

Although every divorce case in Maryland is different, with unique issues in each case, there is one issue that is almost universal in all divorce cases: property and debt division. Some divorcing couples may not have children and, therefore, there are no issue of child custody or child support to address, but they will certainly have assets and, potentially, debts that need to be sorted out for the divorce to be finalized.

The issue of property division can, as our readers can likely imagine, be a contentious one. After all, we all work hard for the assets we earn and accumulate, and it can be hard to imagine being required to “give up” something we worked for. However, when it comes to property division in a divorce case, our readers will want to be sure that they are familiar with the term “marital property.”

Not all property is marital property. If, for example, one of the soon-to-be ex-spouses owned property prior to the marriage that was kept separate from the assets that the spouses earned and commingled together, that separate property may not be part of the property division process. Similarly, if a spouse had debt that was accumulated prior to the marriage, that debt may not be subject to being divided among the divorcing couple either.

Maryland residents who are going through a divorce need to be sure that they understand each step of the process, and property division is one of the biggest steps for all divorcing couples. Getting the right information about the legal options is crucial to protecting your rights in a divorce case.

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