Divorce isn’t just an emotional process—it’s also a financial one. When a marriage ends, one of the most significant and often complex issues is the division of assets. From real estate and retirement accounts to personal belongings and debts, figuring out who gets what can have a lasting impact on your financial future. If you’re going through or considering a divorce, understanding your rights and planning ahead can help you make smart decisions and protect your financial stability.
Understanding Marital vs. Non-Marital Property
In Maryland, the court distinguishes between marital property and non-marital property when dividing assets. Marital property includes assets and debts acquired during the marriage, regardless of whose name is on the title. This can include:
- The family home or other real estate
- Joint bank accounts
- Retirement accounts and pensions
- Vehicles, investments, and business interests
Non-marital property, on the other hand, typically includes assets:
- Acquired before the marriage
- Received as a gift or inheritance by one spouse
- Excluded by a valid prenuptial or postnuptial agreement
Properly identifying what’s marital versus non-marital is a key step in protecting your financial interests.
Maryland’s “Equitable Distribution” Approach
Maryland follows the principle of equitable distribution, which means assets are divided fairly, but not necessarily equally. The court considers several factors, such as:
- The length of the marriage
- Each spouse’s contributions (financial and non-financial)
- The circumstances leading to the divorce
- The financial needs and earning abilities of each party
This approach gives judges flexibility to make decisions that are fair based on the unique circumstances of a case. However, it also means that outcomes can vary, which is why working with an experienced divorce attorney is so important.
Steps to Protect Your Financial Future
1. Know What You Own
Make a full list of all assets and debts—both joint and individual. Gather documentation like account statements, property deeds, loan balances, and tax returns. Transparency is essential for a fair division and can prevent surprises later on.
2. Understand the Long-Term Impact
Some assets, like retirement accounts or real estate, may seem more valuable than others in the long run. It’s important to consider how assets will appreciate or generate income and how liquid or accessible they are when you need funds.
3. Watch for Hidden Assets
In some cases, one spouse may attempt to hide or undervalue assets. If you suspect this, your attorney may recommend working with a forensic accountant to ensure all assets are disclosed and properly valued.
4. Don’t Overlook Debt
Dividing assets can also mean dealing with some debts. Make sure you know which debts are jointly held and whether or not they are marital debt and how they’ll be handled. Not all debt is marital debt and judges cannot change your agreement with a creditor.
5. Work with a Divorce Attorney
Protecting your financial future during divorce requires knowledge, strategy, and experience. A skilled family law attorney can help you understand your rights, negotiate a fair settlement, and advocate for your best interests—especially when emotions run high.
Let Billian Law Help You Navigate Divorce with Confidence
At Billian Law, we understand that divorce is more than a legal process—it’s a major life transition. We’re here to guide you through each step, from dividing property to securing your financial future. Whether your divorce is amicable or contested, our goal is to help you move forward with clarity and peace of mind.
If you’re facing divorce, contact Billian Law today for a consultation and let us help you protect what matters most.
