Divorce can be a challenging and emotional journey. However, proactive steps taken before filing that can streamline the process and reduce stress. In Maryland, couples can prepare by organizing financial records, understanding property classifications, considering separation agreements, addressing commingled assets and fostering open communication.
Organize financial records
Begin by gathering all pertinent financial documents. This includes bank statements, tax returns, property deeds, retirement account statements and loan documents. Having these records readily available can streamline the property division process and reduce disputes over assets.
Identify marital and non-marital property
Maryland courts divide marital property in what they deem the fairest way possible. This could mean a near even split, or it could mean something entirely different. With few exceptions, the court only splits those assets that the couple accumulated after the marriage, and title means very little in that determination. Non-marital property encompasses assets owned before the marriage or received as gifts or inheritances. Clear documentation distinguishing these can prevent confusion and disagreements.
Consider a separation agreement
A separation agreement allows couples to outline terms for property division, spousal support and other issues before filing for divorce. This legally binding document can simplify the divorce process by resolving key matters in advance.
Address commingled assets
Commingled assets, where marital and non-marital funds are mixed, can complicate property division. Tracing the source of these funds and documenting their use can clarify ownership and prevent disputes.
Effective communication can reduce tension and foster cooperation. Couples who can discuss their goals and expectations are more likely to reach amicable agreements, saving time and emotional energy.
By taking these steps, Maryland couples can simplify the divorce process, reduce conflict and achieve fair outcomes. Preparation and cooperation are key to making this difficult transition as smooth as possible.