Property division in Maryland divorce
Every couple getting a divorce addresses at least three important issues during their divorce:
- Division of marital property
- Child custody and support (if appropriate)
- Spousal support (if appropriate)
Maryland follows a rule of equitable division. This means a couple unable to reach agreement on division of assets obtained during their marriage must rely on the court to divide marital property fairly.
The financial condition and desires of many of our clients are straightforward at divorce . Most people wish to retain wealth and leave their marriage in a strong financial position. The process includes valuing and dividing both assets and debts.
In other cases, as with a high asset or contested divorce in Maryland, assets and accounts require investigation before couples can make agreements or submit their case to a court for decision.
Regardless of financial status, understanding your financial condition can speed the divorce process and reduce legal fees along the way. Consider these tips:
- A realistic budget. Investigate your actual, current cost of living.
- The house without the spouse. Take a hard look at whether you can afford your house or—in this economic climate—afford to sell it.
- Investment and retirement accounts. Get reputable, professional advice on the value and performance of stocks, accounts, and tax implications.
Equitable may not be equal—but it is fair. Take note of assets and contact Huesman, Jones & Miles, LLC for help preserving your wealth when going through a divorce. Call our Hunt Valley, MD office at (443) 589-0150 to schedule a consultation with one of our qualified Howard County divorce lawyers or contact us online.