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How is property divided in divorce?

A lot of people may go into the divorce process unsure of what they will be left with in the end. Property division is a challenging aspect of divorce, but one every divorcing couple must face. Every state has different guidelines as to how assets are to be divided in order to keep things fair for all involved. In Maryland, property is divided using equitable distribution laws.

What does equitable distribution mean? It means that both parties will receive a fair share of assets and liabilities. An example of this would be if one spouse was given a piece of real estate, the other may be granted monetary assets of the same value. This way, neither feels that the other is given more than his or her fair share.

There are few things that will affect how property is to be divided. These include the income levels of both spouses, their ages and their future financial needs -- among several others. Looking at this information, it will be easier to determine how assets should be handled -- either divided or sold in order to split the proceeds. In either case, both parties should be able to walk away having achieved an equal share of marital property.

There are those divorcing couples who will be able to get through the property division phase of divorce quickly and with little argument. There are others, though, who may find it more challenging. With the assistance of legal counsel, divorcing couples in Maryland can get through this process -- with or without litigation -- and achieve final settlements which each feels is satisfactory.

Source: businessinsider.com, "In 9 US states, a divorce means you'll lose half of everything you own -- here's why", Tanza Loudenback, Nov. 10, 2016

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