Marital property acquired during a divorce is usually divided up equally between each spouse during a divorce. However, figuring out how to divide everything fairly can seem overwhelming and confusing for many. Maryland couples who are currently navigating through the property division aspect of divorce are advised the law and what is considered acceptable during the process.
Reaching an agreement can be a challenge for many spouses during the division process. A mediator may be necessary — or required, depending on the state — in order to work through potentially messy situations before entering the courtroom. Once the courts become involved, a judge will view all assets acquired during the marriage as property and divvy up according to the law. Should any hidden assets be found, legal consequences such as credibility and loss of previously granted assets will be issued along with payment of any legal expenses uncured while uncovering the hidden assets.
It is necessary to understand how property division is handled in the courts when negotiating the distribution of assets. The laws are different in every state; therefore, it is important to know what is acceptable and unacceptable when dividing assets. With the use of various financial strategies, spouses can be sure that nothing falls through cracks.
The process for equitable asset distribution can seem straightforward and complicated all at the same time. With these tricky cases, it is important for Maryland residents to seek the advice of experienced legal counsel during the property division aspect of a divorce. While divorce marks the end of one chapter, it is also the beginning of a new chapter.
Source: liveabout.com, “3 Tips For Dividing Marital Property During Divorce“, Cathy Meyer, Accessed on Feb. 3, 2018