You worked hard to build a successful career, and your income reflects that. What happens to your hard-earned assets when your marriage ends? Will the court recognize your contributions and allocate more marital assets in your favor?
Divorce is not a 50/50 split in Maryland
Maryland follows an “equitable distribution” system, meaning the court divides assets in a way that seems fair. Several factors influence this decision:
- Contributions to the marriage: This includes both financial and non-financial contributions. A stay-at-home parent’s role is valued as much as a working spouse’s income.
- Length of the marriage: Longer marriages might result in more shared assets.
- Economic circumstances: The court examines each spouse’s financial situation post-divorce.
- Age and health: These can influence the division if one spouse has more significant needs.
- Alimony: Higher earners might pay alimony, affecting overall financial outcomes.
In general, marital property includes assets acquired during the marriage. Separate property, such as gifts or inheritances, usually stays with the individual.
While a factor, higher earnings do not automatically translate to keeping more assets in a divorce. Even if you were the primary breadwinner, the court may still award your spouse a substantial portion of marital assets. The court aims to ensure both parties can maintain a reasonable standard of living post-divorce.
It is crucial to note that Maryland allows couples to create pre- or post-nuptial agreements. These legal documents can outline the division of assets in case of divorce, potentially protecting your higher earnings.
Maryland law also recognizes the concept of “dissipation of assets.” This means that if one spouse intentionally wastes or destroys marital assets, the court can take this into account during property division.
Your divorce deserves tailored legal solutions
What works for other couples may not work for your specific situation. To protect your interests in divorce, it is wise to work with a skilled attorney in Maryland. This approach can provide clarity on legal matters and peace of mind.