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property division Archives

How does property division work in Maryland?

When getting a divorce, it is normal to want to walk away with one's fair share of marital assets. If a couple is able to work out their own property division agreement, the terms should reflect those wishes. If a divorce case goes to court, a Maryland family court judge will get to decide how property is divided and while the final a settlement should be equitable, it may not grant each party what they want.

Property division: Deciding who keeps the pets in a divorce

The majority of Maryland families and others around the country have pets in their homes, with dogs and cats topping the list of the most popular animals. Those pets are often considered to be members of the family by their owners. Unfortunately, the future of some pets may be uncertain when couples decide to get divorced while decisions about property division are made. Recently, some states have made some major changes in the way pet custody is determined in a divorce.

Pets considered during property division

Maryland couples seeking to begin the process of divorce should consider many factors that will be involved in the proceedings. Property division, child custody and alimony are just a few areas that will need to be addressed. However, couples will also need to consider the family pet, as animals have increasingly been involved in the battle of dividing assets.

Property division: Dogs considered as people or property?

There are many people who consider their dogs as part of the family. Some Maryland dog owners will even say that their dogs are their children, and they go so far as to dress them in clothes and take professional photos with them. When a couple acquires a dog during a marriage that later ends, the battle for which owner gets custody begins. Some people consider animal custody an issue for property division, while others consider it more like child custody.

Marital property division tips

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.

Including retirement plans during the property division process

While few people feel exuberant during a divorce, most feel flat out exhausted. The divorce process is far from a simple walk in the park, especially when property division is involved. Along with the many other assets obtained throughout a marriage, Maryland couples should also include any retirement plans during the division process.

Property division: the pivot of divorce

As if divorce is not straining enough, the thought and process of property division can bring a lump to anyone's throat. Dividing a family's assets such as houses, retirement plans, pensions or stocks can sometimes be a challenge. To reduce the stress load, Maryland spouses should be cognizant of the many steps they can take to avoid any financial stings associated with the property division process.

Don't forget about debt during property division

When many Maryland spouses are preparing to divorce, the division of marital wealth is a top area of concern. This is understandable, as the outcome of the property division process will shape the financial lives of both parties for many years to come. When considering property division, it's critical to understand the role that debt plays during that process.

The benefits of collaboration during property division

Many Maryland spouses take a very narrow view of divorce, believing that every couple goes through a highly contentious process that leaves all parties worse for wear. In reality, couples have the power to choose how their divorce will move forward. For those who are able to work together to reach a shared goal, collaboration offers a number of benefits. Nowhere are those benefits more distinct than in regard to property division.

Obtaining a business valuation for property division purposes

Many Maryland business owners who are considering divorce have serious concerns about how their business might be affected. Very often, people put everything they have into building their business from the ground up. They invest time, money and extraordinary effort to create a successful venture. When a divorce is on the horizon, the manner in which business assets will be handled during property division is a chief concern.

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