There are two types of property in a Maryland divorce: separate and marital. Separate property is yours to keep. Marital property will be divided according to the law of equitable distribution. Haley-Pierson Law uses its many years of experience to fight for our client’s property rights to achieve the best distribution of marital assets.
What Is Marital Property?
Marital property includes all property you accumulated during your marriage, including retirement benefits such as pension plans and 401(k) accounts. There are some exceptions to this rule. Gifts and inheritances received during your marriage are separate property, as long as you kept the property separate.
How Marital Property Is Divided in Maryland?
Marital property is divided according to the law of equitable distribution. “Equitable” usually means 50-50, but a court will decide that an equal division is fair based the following factors:
- The contributions, monetary and nonmonetary, of each party to the well-being of the family
- The value of all property interests of each party
- The economic circumstances of each party at the time the award is to be made
- The circumstances that contributed to the estrangement of the parties
- The duration of the marriage
- The age of each party
- The physical and mental condition of each party
- How and when specific marital property or interest in the pension, retirement, profit sharing or deferred compensation plan was acquired, including the effort expended by each party in accumulating the marital property or the interest in the pension, retirement, profit sharing or deferred compensation plan or both
- The contribution by either party of property described in § 8-201(e)(3) of this subtitle to the acquisition of real property held by the parties as tenants by the entirety
- Any award of alimony and any award or other provision that the court has made with respect to family use personal property or the family home
- Any other factor that the court considers necessary or appropriate