Divorce has become a common part of American life. For most couples, there is a 40 to 50 percent chance their matrimony will end. Couples entering their nuptials need to be prepared for what may come 10, 20, or even 30 years down the line, and our Baltimore divorce lawyers discuss the rules and hazards that often come with divorce in Maryland.
Maryland and other states have statutes for “equitable distribution.” When couples marry, they often agree to fuse their assets. This does not include separate property (i.e. anything inherited, given as a gift, or owned prior to the start of the marriage), but everything else is subject to the judge’s disposal. A judge will divide the assets to make sure both spouses walk away financially stable. Each person’s earnings, income, personal property, and financial needs are taken into account during the divorce proceedings, and assets are divided based on the information gathered. Spouses looking to protect what they own can file a prenuptial agreement before entering a marriage.
However, nearly one-fifth of the country invokes the “community property” method of division. This route requires couples divide their assets and property evenly; 50 percent of everything will go to each spouse. Again, this does not include separate property. While it may sound great, there is a hidden catch. Marital assets are split right down the middle, but so are marriage-related debts, and both participants will be required to cover one-half. While not mandatory like in California, Texas and, Washington, residents of Alaska have the option to split their assets through community property agreements.
Baltimore Divorce Lawyers at the Law Offices of Allyson B. Goldscher, LLC Can Help You With Your Divorce in Maryland
If you are going through a divorce and do not know where to turn, having the right legal representation is very important. At the Law Offices of Allyson B. Goldscher, LLC, our Baltimore divorce lawyers will make sure you come out on top during your divorce proceedings. Call us today at 410-602-9522, or contact us online to get in touch with one of our attorneys. Our Stevenson, Maryland offices proudly serve residents in both Baltimore County and Baltimore City.