When you and your spouse have agreed to pursue a Maryland divorce, you will eventually have to deal with issues regarding the distribution of property in Maryland. In Maryland divorce, the court believes in equitable distribution of property. However, there is no set formula for dividing the property in exact half. Therefore, to ensure your rights are protected throughout your divorce, you should seek the assistance of an experienced divorce attorney.

Defining Marital Property

Marital property in Maryland is defined as property acquired by your or your spouse during your marriage. It includes:

* Income earned

* Savings

* Pension or retirement funds either spouse earned during the marriage

* Real property (unless a valid agreement excludes the property)

Marital property in Maryland does not include property:

* Acquired before you and your spouse were married

* Inherited or a gift from a third party

* Excluded due to a valid agreement

* Traced to any of the above sources

Only the marital property is supposed to be divided amongst spouses in case of divorce. But, as previously stated, it is not divided in an exact half. Since Maryland is an equitable distribution state, the property will be divided in a manner considered equitable, which does not necessarily mean equal. Equitable means rightly deserved or fair. Although the court will encourage you and your spouse to come to an agreement regarding property and debt, if you can't reach a settlement, the court will be tasked with declaring property awards, as per the guidelines of Maryland Divorce Law.

When the court must declare property awards in a Maryland divorce, the following factors will come into play:

* Marital property value and economic circumstances

* Circumstances that contributed to the estrangement

* Your ages and physical and mental capacities

* How and when each party obtained marital property

* Alimony awarded

* Contributions that are monetary as well as nonmonetary

* Tax consequences and other pertinent factors

If a child or children are involved, you may be subject to a "use and possession" order in which your family home or other property could be granted to the party who gets custody of the children. In the event you and your spouse have agreed to dispose of certain assets, those assets will be considered when the court has to make a monetary award.

Monetary Award

A monetary award in a Maryland divorce could be in the form of the transfer of ownership from one party to another of a certain interest in a deferred compensation, retirement, pension, or profit-sharing plan.

The purpose of the monetary award is to provide a sense of balance, given the fact that without a monetary award, unfairness could result from the distribution of property in Maryland. The party entitled to less than an equitable portion of the marital property will receive the monetary award.

However, the monetary award can't be more than the marital property owned by the spouse who must pay the award. Before the court determines a monetary award, the court will consider the same factors used in determining property awards, in addition to the following:

* The duration of the marriage

* Contributions of you and your spouse in acquiring real property that you hold as tenants

* Any other factors relevant to achieve a fair monetary award

The distribution of property in Maryland can be tricky. Rather than leave your assets to chance, have an experienced Maryland divorce attorney [http://www.bwgmarylandlawyers.com/Maryland-Divorce-Attorneys.asp] for negotiating on your behalf to receive the property you deserve.