What Factors Matter Most When Dividing Marital Assets And Debts In Maryland?

When you get married, your marital estate begins accruing assets and debts. Any asset or debt established during the marriage is considered a part of the marital estate, unless it was a gift or inheritance. When you initiate a divorce, the marital estate stops accruing debts and assets. During a divorce, you will split both debts and assets in a process known as equitable distribution. While courts usually divide the marital estate 50/50, they don’t necessarily have to. They can favor one spouse over the other for different reasons. In this article, the Maryland divorce lawyers at Schlaich & Thompson, Chartered will discuss what factors matter most when dividing the marital estate.

Contributions to the marriage 

A judge dividing the marital estate will consider each spouse’s contributions to the marriage when dividing the marital estate. These can include both monetary contributions and non-monetary contributions.

Monetary contributions include each spouse’s income and financial support, while non-monetary contributions include childcare, household management, and sacrifices made to support the other spouse’s career.

Length and circumstances of the marriage 

The duration of the marriage is a major factor when dividing the marital estate. Longer marriages may warrant a more equitable share of jointly held property. While Maryland is considered a no-fault state for divorce, the court can consider specific circumstances that occurred during the marriage as contributing to the breakdown of the marriage when dividing assets. This is especially true if one spouse is accused of “dissipating” or wasting assets from the marital estate.

The economic circumstances of each spouse 

The court will consider each spouse’s current and future earning potential. The court will consider each spouse’s financial stability and the ability of each spouse to become self-supporting after the divorce is finalized.

In addition, the court will consider the value of all property interests, including both marital and separate property. Additionally, the court will consider whether or not one spouse is receiving alimony, which could be factored into the division of property.

Other factors that may influence the court 

The court will consider the age and health of both spouses when dividing the marital estate. The physical and mental condition of both spouses may be considered during equitable distribution. In addition, in cases with minor children, the court can award temporary use and possession of the family home to the spouse with primary custody of the children.

Dividing debts 

The same rules that apply to assets also apply to marital debts. Only debt associated with marital property (eg, the mortgage associated with a home) will be directly dealt with by the court. Marital debts are divided at the court’s discretion, utilizing the principles discussed above.

Talk to a Bel Air, Maryland, Divorce Lawyer Today 

Schlaich & Thompson, Chartered, represent the interests of Bel Air, MD, residents during their divorce. Call our Bel Air family lawyers today to schedule an appointment, and we can begin discussing your next steps right away.