What is considered marital property in Maryland?

What is considered marital property in Maryland?

With a few important exceptions, all the property acquired during a marriage is considered marital property. Marital property normally includes such things as houses, cars, furniture, appliances, stocks, bonds, jewelry, bank accounts, pensions, retirement plans, and IRA’s.

Is a house considered community property?

The states having community property are Louisiana, Arizona, California, Texas, Washington, Idaho, Nevada, New Mexico, and Wisconsin. Community property states follow the rule that all assets acquired during the marriage are considered “community property.”

Who gets the house in a divorce in Maryland?

In a Maryland divorce, judges don’t always divide marital property right down the middle using a 50/50 split. Because Maryland is an equitable distribution state, the divorce court will divide property fairly between the spouses, but not always equally.

What is not considered marital property?

As a general rule, non-marital property is anything acquired before the marriage or any property acquired during the marriage as a gift or inheritance to the individual spouse.

What does community property mean in a divorce?

Community property generally is everything that spouses or domestic partners own together. It includes everything you bought or got while you were married or in a domestic partnership — including debt — that is not a gift or inheritance.

What is a wife entitled to in a divorce in Maryland?

Courts in Maryland can give one spouse the exclusive right to live in the family home for up to three years after the divorce. Under certain circumstances, the court might also award one side the exclusive use of personal property like household furniture and the family car.

Is Maryland considered a community property state?

Maryland is not a “community property” state. Instead, Maryland has an “equitable distribution” statute—meaning, the court is not necessarily obligated to divide the property equally between the spouses, but will divide property in a way the court finds is fair.

Is Maryland a community property state?

What is the difference between marital property and community property?

Community Property Marital property refers generally to all of the property acquired by either or both spouses during the marriage. At divorce, community property is generally divided equally between the spouses, while each spouse keeps his or her separate property.

Who gets the house in divorce in MD?

What defines marital property?

Marital property is property acquired after the parties are married. Conversely, if property was acquired before the marriage by one spouse but has risen in value due to the efforts and/or labor of the other or both spouses, the appreciated value is considered marital property.

How is a house divided in a divorce Maryland?