In most states throughout this country, including Maryland, when a couple seeks to divorce, they may agree to divide up marital property or otherwise be subject to the court’s division of any assets and debts accumulated during the marriage. A critical stage in every divorce case involves the identification and characterization of property subject to division. One hopes that the parties will be honest and disclose all marital assets. But in some cases, spouses may not be completely forthcoming and actually attempt to conceal certain assets. For these reasons alone, it is important that anyone considering a divorce take steps to protect their financial future. One way to do that is to consult with an experienced family law attorney who handles divorce and separation cases on a daily basis.
Under Maryland law, marital property is all the property that you or your spouse accumulated during the marriage, including your bank accounts, houses, cars, furniture, businesses, stocks, bonds, pensions, retirement plans, IRAs, and jewelry. While some states also include the value of professional licenses and degrees, Maryland does not. Some items that are not considered marital property, even though they were acquired during the marriage, are gifts from a third party, something inherited by one spouse alone, or something that the couple mutually agreed would remain separate property.