Going through a divorce is already a lot, and trying to protect your finances and belongings can add even more to your plate. Protecting your assets requires careful planning and strategic legal guidance to ensure your future remains secure.
Knowing what to expect can help to make the process a lot smoother and provide peace of mind.
What to expect
One of the first steps you can take to understand how assets are divided is learning about the difference between marital property and separate property. A Maryland court would divide marital property equitably while allowing each spouse to keep their separate property.
Marital property is defined as all assets obtained during the duration of the marriage, regardless of which spouse paid for them. However, there are a few exceptions to this rule:
- Assets received by one party as a gift
- Inheritance from a third party
- Property excluded by a valid agreement
These items would be considered separate property. Assets obtained by one party before the marriage are typically also considered separate property and will remain as such unless gifted or titled to the other party.
A prenuptial or postnuptial may alter things
A prenuptial agreement is created before marriage to outline how assets will be divided, while a postnuptial agreement serves the same purpose but is established after the marriage has already begun. Assets covered by these would be distributed as stipulated in the agreement, rather than being subject to normal property division rules.
You can also reach a different agreement with your spouse
You don’t necessarily need to let the court dictate how you divide your property. Courts are usually happy to sign off on agreements that spouses reach together.
Ensuring a fair division of property can be complex, and every situation is unique. Seeking legal guidance can help you understand your rights and navigate the process with confidence.