Sometimes when Maryland residents go through a divorce, they have the tendency to get totally consumed in the moment – the emotions of it all, the changes in family dynamics and the thoughts about what they could have done differently. This is, of course, completely understandable. However, it is important to keep one eye on the future, especially when it comes to the property division aspect of divorce.
Protecting your interests
For some people, the property division issue in a divorce is the most important part of the entire legal process. Oftentimes, divorcing couples have more to talk about than just the family home and retirement and bank accounts. It is common for couples to need to address a wide range of assets – and possibly debts as well.
In Maryland, the concept of equitable distribution is what governs the property and debt division aspect of divorce. In essence, this concept means that assets and debts should be divided between divorcing spouses in a way that is fair – and that doesn’t always mean a straight 50/50 split. And, what seems fair to one spouse might not always seem fair to the other.
The result of the property and debt division issue in a divorce will likely have a strong impact on both your present and future. Most people spend their entire lives building assets together with their spouses. If a divorce stops that momentum, it can almost feel like starting all over again. But, with the right approach to property and debt division, you can be sure that you are protecting your interests and your future.