What is Marital and Non-Marital Property During Divorce?

Some basic knowledge of property division can help you and your partner part ways—and stuff—more easily and appropriately during divorce.

Along with child custody and parenting plans, division of martial property can become a high conflict topic during divorce.  Working with a knowledgeable divorce attorney is important in order to understand the assets involved and options for dividing property.

While splitting up assets may seem straightforward, it is important to remember that Maryland is an equitable division state.  This means that courts aim to divide property and assets fairly between partners—not necessarily 50/50.

There are a couple of important points to keep in mind when approaching property division during divorce:

  • Where’s the money?  An important first step is locating your property and assets.  This includes all financial or investment accounts, including retirement holdings.  You may own real property such as your house, and other properties.  Assets can be held digitally and value could be invested in cryptocurrency like Bitcoin.  If you and your partner have accumulated significant wealth during your marriage and you have reason to believe your partner may have funneled money away from the marital estate, speak to your divorce attorney about a forensic audit.
  • Marital assets:  The term “marital property” is used for any property or objects obtained or collected during the marriage.  Cars, homes, accounts, digital music or video accounts, property, and commercial interests, including intellectual property can be considered marital property.
  • Non-marital property:  Property that was owned solely by an individual prior to the marriage, or that was gifted to or inherited by one partner during the marriage is considered “non-marital property.”  Non-marital property can quickly become marital property if the value of the non-marital property is comingled with the marital estate.  If one partner owned or purchased real estate prior to marriage, and payments or upkeep on the property were made by a couple after marriage, the asset can come into play during a divorce proceeding. 

Classification and location of assets and property during divorce can quickly become complicated. Many couples have unique questions with regard to their valuable property, or they experience considerable anxiety over particular personal possessions.  In other cases, disagreements can arise over ownership of the family pet.

While you and your partner may agree on how household items are to be divided, it is important to work with an attorney experienced with asset division, to ensure that all marital property is equitably divided.  If your partner presents you with a property division agreement, be sure to have it reviewed by your lawyer before signing.

Highly-rated family law attorney helps you in Baltimore today

Divorce is your first step toward the next chapter of life. The Law Offices of Allyson B. Goldscher, LLC provide experienced counsel and compassionate representation to families and clients throughout Baltimore and Baltimore County. When you need straightforward, clear answers about divorce, property division, or child custody, contact us or call 410-602-9522.

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