What is division of marital property?

Division of marital property is a process in divorce law in Maryland that determines how much of the marital property each spouse will receive. It is a significant part of the divorce process, as it determines both parties’ economic standing after the divorce is finalized. Marital property is defined as any asset or debt that was acquired during the marriage, so this can include real estate, savings, investments, vehicles, and joint debts. Division of marital property is accomplished by the court, based on the equitable distribution model. This means the assets will not be split in equal halves, but rather the court will try to divide the marital property in such a way that it is fair to both parties. This typically involves factors such as each party’s individual income and ability to pay, the length of the marriage, and the financial needs of any children of the marriage. In addition, fault may be taken into account if any of the spouses committed adultery or other forms of misconduct during the marriage. Once the court has determined the division of marital property, each party is then legally responsible for their portion of any debts associated with the marital property. This can include mortgage payments or credit card debt. After the division of marital property is finalized, the divorce will be granted and each party will be able to move forward with their own assets and debts.

Related FAQs

What is a post-divorce modification of child support?
What is a default divorce?
What is marital misconduct?
Who pays for the divorce?
How can I get a copy of my divorce decree?
What is a temporary restraining order?
How is a prenuptial agreement enforced?
How do I modify a divorce decree?
What are the tax implications of a divorce?
What is a collaborative divorce?

What is division of marital property?

Related FAQs

Related Blog Posts