What is a Marital Property?
Marital property is defined as any property that belongs to both spouses during marriage. Any assets that both spouses obtain during a marriage are considered marital property. examples of marital property are
An object or property that was obtained as a gift from one spouse to another or if property was inherited to one of the spouses, it is not considered marital property.
In Maryland, does each spouse get half of the marital properties?
No. Maryland is not a marital property state. The court in Maryland does not always divide the marital property into half during a divorce. Instead, Maryland recognizes equitable distribution which means that the properties are divided in a way that a judge deems fair for either parties. Situations, where properties are divided by equitable distribution, are:
- A spouse contributes significantly more financially to a marriage than the other spouse. This is only valid if the other spouse has not given up their career to take care of the family at home.
- Marital Misconduct
Can a non-marital property become marital?
Yes, a non-marital property can become marital property. For example, if a person buys a house prior to marriage and pays monthly mortgage payments from their own income, it is considered separate property. If, however, after the marriage the payments are made from a marital fund or with the financial support of a spouse, the house becomes marital property.
What happens to a non-marital property in a divorce?
Nothing. Non-Marital property is a separate property which was obtained or bought by a person without the use of any marital funds. Any gifts given to a spouse by a third party are considered non-marital. Any inheritance granted to an either one of the spouses separately is considered non-marital. Non-marital properties are included in the division of marital properties during a divorce.
What is a monetary award?
A monetary award is an amount of money one spouse may be ordered to pay by the court to the other spouse. A monetary award may be granted by the court to ensure that under all circumstances, the distribution of assets is fair.
Is there a relationship between alimony and monetary awards?
Yes. The state of Maryland has stated that monetary awards and alimony are very much related. Monetary awards are not considered substitutes for alimony. However, both the amount of alimony paid and the monetary award are considered during a divorce to prevent an unfair outcome.
What if one spouse wastes marital property?
The wasting of marital properties is known as Dissipation. If a spouse dissipates any marital properties during the time a marriage is clearly coming to an end or during a period of separation, the court will determine the property dissipated as a part of the spouse’s cut during the division. This is to ensure an equitable division of assets and to prevent spouses from wasting any assets during a divorce.
If you need a Maryland Marital Property Lawyer to help you with your Marital Property case in Maryland, call us at 888-437-7747. Our Maryland Marital Property Attorneys can help you.