Best Business Attorneys in Bowie, MD

What Constitutes Marital Property in Maryland? Divorce isn’t just the end of a love story; it’s the beginning of a new chapter filled with financial equations and property divisions. In Maryland, where the Chesapeake Bay sunsets are as intricate as its property division laws, understanding ‘marital property’ can feel like deciphering a code. Walking through a divorce involves addressing several key concerns, and one of the prominent ones is the division of property. You might find yourself asking: What is considered marital property in Maryland? How will it be divided? We’re here to shed light on these pivotal questions. Defining Marital Property in Glen Burnie, Maryland Marital property, in simple terms, pertains to all assets that both spouses acquired during the tenure of their marriage. This can range from the house you both lived in, vehicles, to even the smallest household appliances. However, not all properties are labeled ‘marital’. For instance, Maryland does not classify the following as marital property: Items one spouse acquired prior to the marriage. Gifts or inheritances given solely to one partner. Assets purchased using funds considered nonmarital. Property excluded by a valid agreement.