Distribution of Property
Separation or divorce property division can be amicable, or it can be very stressful. Who bought what, the sentimental value attached to objects, and the financial situation of each party can all be veritable minefields during a distribution of property.
Harford County Divorce Attorney
Consulting a divorce attorney can help you through the process. Harford County divorce attorney Adam S. Hyman has the experience you need to protect your interests, property and assets during separation or divorce property division. A separation agreement provides many things, including the division of property while the husband and wife are living apart, as well as what will happen to property upon divorce. These agreements, when properly executed are honored by the court.
Maryland is an “equitable” property division state; not to be confused with an “equal” property state. When a couple divorces, property is divided in a way that the court finds fair and just, or equitable. This does not mean property is divided 50/50. The court considers numerous factors when determining a property division settlement:
- The contributions of each party to the marital estate, both monetary and nonmonetary
- The value of all property of each party
- The financial circumstances of each party
- Any misconduct that led to the estrangement of the parties, such as adultery or abuse
- The length of the marriage
- The age and physical condition of each of the parties
- How the marital property was acquired
- The amount of alimony awarded
- Any previous agreement the couple has made
- And anything else the court deems relevant to the case
There are many things to consider. Division of Retirement Accounts is another property division issue to consider. Because there is no automatic entitlement to divorce property division, you need an attorney to protect your interests and obtain a fair outcome.