When going through a divorce in Maryland, the family court must divide your marital assets in accordance with state laws. Many factors go into this decision, but at the end of it all, each spouse will walk out with what’s fair, depending on their unique circumstances.
Divorce laws in Maryland
There are two methods that divorce court use during property division: community property and equitable distribution. Community property is a system where each spouse has a right to half of the assets acquired during the marriage, while equitable distribution uses a more complex formula and factors in elements such as each party’s economic standing, job situation and contributions made to the marriage. In Maryland, family courts use the equitable distribution model, which means partners can walk away with 10%, 30% or sometimes even 50% if that’s what’s fair.
Factors that affect asset division
When determining how much to award or transfer to each party during divorce proceedings, Maryland court considers a variety of factors. These include the length of your marriage, the age and physical condition of both parties, their respective incomes (or lack thereof), contributions made by either spouse to the acquisition of marital assets, any prior agreements between them regarding asset division, potential tax implications of dividing assets and other relevant circumstances. The court also takes into account each party’s current and future needs and potential for earning, such as the need for education or training.
The court also looks at factors such as whether one person will be receiving spousal support from the other party. This is especially important in cases where one spouse may have been out of the workforce for a period of time due to parenting or if there is a significant disparity in incomes between the two spouses.
It is important to note that regardless of what division ends up being fair, it must still be in accordance with Maryland law, meaning that it cannot place an “unfair” burden on either party. The court will review each case individually and divide assets according to what they deem equitable.