Marital Property
Marital Property
Maryland is an “equitable distribution” state when it comes to the division of marital property during divorce. This means that the court does not try to divide property evenly; instead, it attempts to divide property in a way that is equitable in all circumstances. In practice, this usually translates to a roughly equal division.
Marital property is anything that was acquired by one or both of the parties during the marriage. It can also be anything that was improved or maintained by one or both of the parties during the marriage, or even something that one or both parties could only afford to keep because they were married. If a couple buy a house during a marriage, it’s marital property. If one person bought a house before the marriage but continued to pay for mortgage, maintenance, and repairs during the marriage, that, too, is at least partially marital property. The only time when something isn’t marital property is when it is directly traceable to a source outside of funds acquired during the marriage.
In Maryland, all marital property, whether tangible or intangible, is subject to division in the event of a divorce. Houses, cars, and bank accounts are examples of tangible property. Property can also be intangible, such as goodwill or intellectual property rights in a family business. It doesn’t matter if the property was acquired jointly or separately, or is a mix of joint and separate assets, such as a home purchased before marriage with marital funds later used to make mortgage payments. All marital property it is subject to equitable distribution.
Property division can be difficult, particularly when some assets are hard to value or when there are disagreements over whether certain assets are marital or not. At Wobber Law Group our marital property lawyers can assist you in resolving property-related disputes through negotiation, mediation, collaborative law, or litigation. These approaches frequently result in a quick and amicable resolution, preserving the assets you’re trying to safeguard. If litigation is the best option for your family’s situation, we have the experience and ability to represent you in court.
Whatever your specific marital property concerns, our law firm is here to help you reach a resolution that works for you and your family.
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