Married couples in Maryland who are getting ready to go through a divorce probably know that there are several legal aspects of such a case that need to be specifically addressed. For those with minor children, child support and custody will be part of the case, in addition to property and debt distribution and, perhaps, alimony as well.
Of all the issues, the property and debt division part of a divorce case can have an impact on your finances for years after the divorce is finalized.
Property and debt division in Maryland
Equitable distribution is the legal concept that rules the day when it comes to property and debt division. Basically, it means that the divorcing couple’s marital property and debt should be divided among them in a manner that is not necessarily equal, but fair. Of course, that basic definition isn’t all that helpful because it is so subjective. What is fair? The notion of what is or is not “fair” is the impetus behind many contentious divorce cases in Maryland.
There are many factors that come into play when it is time to decide what, exactly, is fair in any given divorce case: the length of the marriage; the value of assets; and each spouses’ ability to earn an income after the divorce, among other potential factors. But, there is no doubt that if this issue isn’t decided the way you want it to be, the impact could be felt for years. If you are getting ready to go through a divorce in Maryland, be sure to get the right information about how property and debt division might be handled in your case.