Knowing how property will be divided during a divorce in our state can be critical for divorcing spouses to understand because it can help them plan for their divorce and to prioritize and protect their property interests. The family law system provides a process for divorcing couples to help them divide their property when they divorce.
Maryland is considered an equitable property division state, which means that property will be divided fairly between the divorcing couples, rather than in half which is true in community property states where the ownership of all marital property is shared between the couple. Marital property is the only type of property that is subject to the property division process when a couple divorces, which makes understanding the definition of marital property essential for divorcing couples.
Marital property is jointly owned property that the couple acquires during marriage. It includes property and assets acquired during the marriage and is contrasted with separate property, which is not subject to the property division process. Separate property includes property one of the spouses entered the marriage with, inheritances, gifts and personal injury awards. The categorization of property can sometimes become murky, which is why it is essential for divorcing couples to understand the definitions.
The property division process is structured to help divorcing couples fairly divide property as much as possible so that they can each move forward with as positive a financial outlook as possible. It is beneficial for divorcing couples to be familiar with the process and the family law tools to help them through it.