Divisive divorce: How the division of assets, property, and debt is handled in Maryland

Divorce may be the beginning of a new life for you and your ex, but it is also the complicated, and sometimes messy, end of a previous life. In divorce, everything has to be divided, that includes assets, property, and even debts. This article explains briefly how this process is handled in Maryland, including…

• How Maryland decides on the division of assets during a divorce.
• Why you might not get to keep your house during divorce in Maryland.
• Why debts might not be evenly divided but always equitably arranged.

How are assets and other properties divided when a couple is divorcing in Maryland?

In Maryland, to cut the marital knot, the court uses an equitable standard to divide all combined assets and marital property. However, you should note that the court does not take into consideration non-marital property that was acquired before the union.

So, typically, the court will start with a 50-50 percentage split. If one party is more at fault for the divorce, for example, through infidelity, abuse, or abandonment, then that 50-50 could go to 60-40 or more, depending upon the severity of the issue.

The exact details of how that split is then arranged will be up to some discussion and, hopefully, mutual agreement, but a good lawyer can make a big difference.

Will I be able to keep my house during the divorce?

One of the most commonly asked questions by homeowners contemplating divorce is who gets to keep the home – but, the truth is, sometimes no one gets to keep the house.

During the distribution of marital property, if there's equity (ownership) in the house, then that equity needs to be split evenly. This means that for one spouse to keep the house, they need to be able to afford to buy out the other's equity in the property.

If you are unable to afford this, the house will have to be sold to distribute the equity fairly, according to the division of assets determined by the court.

How are debts divided in Maryland?

Debts are just as much part of the calculation as assets when dividing marital property up during the divorce. Debts and assets will be combined, and then if there are more debts than assets, depending on whose name the debts are in, there could be an additional monetary award to account for that.

If you are concerned about your assets, and how they will be divided or distributed during divorce, the best thing you can do is consult with an experienced divorce attorney. For more information on the Division Of Assets And Debts In A Maryland Divorce, an initial consultation is your next best step.