The procedure of property division in Maryland is almost similar in other states. Though the divorce process appears to be the same for all, there are some instances that some states put an exemption or apply some laws different from other states. Since Maryland is known to be as an equitable distribution state, property division for couples filing for divorce does not have to be equally portion.
It is acceptable in this state not to equally divide all the marital properties as long as it is fair and reasonable. Maryland is a big state and it house numbers of couple who had decided to part ways and live their own lives separately. Divorce is not anticipated in every marriage but it is inevitable. With the countless numbers of divorce cases every day, Maryland had set different grounds on their divorce process especially when it comes to property division. Property division in Maryland has a lot of things to consider and to help those who seek information’s about it, here are some important things about their process.
Things to Know about Maryland’s Property Division
· The state does not require an equal distribution of the property, however, if either of the party does not agree with the division, the case is endorsed to the circuit court to be divided within the judgment of divorce.
· There are different factors that apply for equitable distribution. Since Maryland is an equitable state, different factors are considered for the division of properties. Factors like the length of the marriage, age, health, abilities of each party, separate properties of each spouse, financial needs and liabilities of each party and many more.
· Separate property is excluded from the property division. Maryland has set some rules regarding marital properties and separate properties for the division. There are types of properties that can be exempted for the division and some pre-marriage properties that can be considered as marital properties as well regardless if the property owner title belongs to either of the spouses.
· The primary custodian for the children, if there is any, will be given the exclusive rights for the marital home for a certain period of time given by the court. This is only applicable for cases with domestic violence involvement. One spouse doesn’t have the right to force the other to leave the house if the divorce case does not involve domestic violence. In cases of divorce, marital home can either be sold out and divide the amount or the other party can finance the housing of the other party. In some cases, the house will be in the possession with either one of the spouses and will have an agreement to let that spouse use the house for a specific time frame then after the purpose or reason is accomplished that is when the property will be sold and will be divided to either party.
· Pensions and Retirement Claims are both parts of marital property. Yes, you heard it right. Either of the spouse pensions and retirement money needs to be distributed by both parties. Marital property includes both vested and unvested pensions so regardless if your pensions haven’t reached its maturity yet, it is already set to be divided to both parties. Pensions and retirement accounts do need to be divided equally as long as both parties agreed with the division and the court finds it reasonable. In the event that either of the party will dispute with the division then the court will seek the help of experts to settle the matter. It could either be with the help of accountants, business appraisers, pension valuators and the like. In cases where the pension is a shared account, a QDRO is required by the court. QDRO or Qualified Domestic Relations Order is a written plan of instructions as to how the pension will be divided. The QDRO would discuss the terms and condition regarding the division of the pension. It also entails the detail regarding the amount that each party will receive, when are they going to receive it and in which manner will they received it. This is to make sure that both parties will be covered and will be provided of what they deserve.