What are equitable distribution of property laws?

Equitable distribution of property laws are laws that are in place to help divide assets between two spouses in the event of a divorce. In Maryland, these laws are based on the concept of “equitable distribution,” which is different from “equal distribution.” This means that the court will not split all of the property and assets equally between the two parties, but rather will try to make the division as fair as possible. The purpose of equitable distribution of property laws is to distribute all assets and debts that were acquired during the marriage between the two spouses. This includes items such as real estate, investments, vehicles, and any other marital property. These laws also take into account possible debts that were incurred as a result of the marriage, such as credit cards or loans. When the court is dividing marital property, they take a number of different factors into consideration. This includes things such as the length of the marriage, each spouse’s financial contribution to the marriage, and the earning potential of each spouse. Each of these factors is used to make sure that the assets are divided fairly and in a way that meets the needs of both parties. While equitable distribution of property laws are in place, it is also possible for the spouses to reach an agreement on their own about how the assets should be split. This agreement must be approved by the court, however, and must be deemed fair and equitable for both parties.

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