Prince Georges County Divorce Attorney – Property and Debt Division
The State of Maryland is an equitable distribution state. Equitable distribution means that the court divides the marital property and debt on an equitable basis, not necessarily in half, but based on fairness, given the needs of each spouse.
First, the Maryland divorce court goes through a discovery process in order to determine what property is marital.
The divorce court then assigns a monetary value to the marital property that is then distributed between the two spouses in an equitable manner.
When deliberating about marital property awards, the divorce court considers the following factors:
The monetary and non-monetary contributions of each party to the well-being of the family;
The value of all property interests of each party;
The economic circumstances of each party at the time the award is to be made;
The circumstances that contributed to the breakdown of the marriage;
The duration of the marriage;
The age of each party;
The physical and mental condition of each party;
How and when specific marital property was acquired and the effort expended by each party in accumulating the marital property;
The contribution by either party to the acquisition of real property held by the parties as tenants by the entirety;
Any award of alimony and any award or other provision that the court has made with respect to family use personal property or the family home; and
Any other factor that the court considers necessary or appropriate to consider in order to arrive at a fair and equitable monetary award or transfer of an interest in marital property.
Debt arising out of the acquisition of marital property is considered marital debt. When the Maryland Divorce Court evaluates and prescribes the equitable distribution standard, it includes marital debt in the process. Marital debt is then deducted from the value of marital property. The value of marital property is determined on the date of divorce, not the date of separation. It is important to note that debt incurred for the payment of rent, food, and other expenses associated with daily living are not considered marital debt and cannot be apportioned between spouses.
Going throughout the divorce process can be intimidating and distressing. It is of utmost importance to at least speak to a qualified family law attorney about your case. An experienced family law attorney can make all the difference. Call The Burton Firm now to speak to a reputable Prince Georges County divorce attorney that will answer your questions and concerns, provide you with a clear understanding of your rights, and advise you of your legal options. The initial consultation is free. Call now.
THE BURTON FIRM Aubrey Burton, Jr. 6005 Old Silver Hill Road | Forestville, MD20747
Telephone: (301) 420-5540
Fax: (888) 778-0475 www.TheLegalCounsel.com Prince Georges County Divorce Attorney – Property and Debt Division Maryland family law and divorce Attorney serving Prince George’s County, Charles County, Montgomery County, Anne Arundel County and Calvert County. Follow The Burton Firm on Google+ October 13, 2013