In some states, property is split up pretty much 50/50 in a divorce, giving half of the assets — from monetary assets to items the couple owns — to one party and half to his or her spouse. If you go into a divorce in Maryland thinking that this is what you should expect, though, you’re going to be surprised, because Maryland does not use these community property laws. Instead, the state uses equitable division laws.
So, what is equitable division? It is the fair split of the assets, and the judge can decide after examining the case what is fair for each party.
There are numerous factors that must be taken into account, from who earned the most money to what property one person may have bought on his or her own. One of the most important things to think about is the economic circumstances that you and your spouse will find yourselves in after the divorce. The judge is going to make a decision based, in part, on these circumstances.
For example, you may not have a job, but your spouse may have a well-paying job. In some cases, this could mean that you are provided with a larger share of the assets because you have more need. Other things that factor into this are child support requirements, debt and additional types of income that you each may have access to. When the judge can see the big picture of your economic situation without your spouse, he or she will then decide how your wealth should be split up.
To learn more about this and divorce in general, check out our webpage on property division today.