Regardless of the value of the marital estate, it will need to be divided between spouses during the divorce process. Many divorces are contested due to disagreements about how to divide marital property and even the nature of certain property. The Salisbury property division lawyers at Anthenelli, Phoebus & Hickman, LLC can fight on your behalf and help ensure that your interests are protected.
Please contact our firm online or by phone at (410) 657-5775 to get advice about the division of marital assets and debts in your case.
The first step in property division is to determine the nature of all property, including marital property and separate property. In most cases, marital property is all money and assets acquired during the marriage. Property that is acquired by one spouse prior to the marriage, inherited, or received as a gift is not considered marital property.
Once the marital assets and debts have been identified, they will need to be divided between the spouses. Maryland uses the standard of equitable distribution for dividing marital assets. Certain assets will remain the property of one spouse, while others will be divided. In some cases, a divorcing couple may come to an agreement on their own. Otherwise, the court will make the final decision.
Some common examples of marital property include:
Just as the assets are divided, the debts accumulated during the marriage will need to be divided. The specifics of how debts are divided depends on the amount of debt, income of the spouses, and whether any of the debt is considered to be personal debt. Our property division attorneys in Salisbury can evaluate your situation and develop an effective strategy to obtain the best possible outcome.
Call (410) 657-5775 to discuss the best approach in your situation.
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