Know your assets prior to a divorce

When a Maryland resident is contemplating the decision on whether or not to file for divorce, they usually have more questions than answers. As previous posts here have mentioned, having the right information before a decision is made can make a big difference in the end result.

Recognizing that the lack of information is a common problem in this most important of family law issues, a recent article suggested a few questions that anyone seeking a divorce should get answered before making a move. While some of the questions center on child support or alimony concerns that may or may not be applicable in many situations, one question referred to an issue that will be discussed in every divorce: property division.

Specifically, the article mentioned that one of the first things that both individuals involved in the divorce must do is disclose a list of known assets and debts to the other spouse. Putting everything on the table makes it easier when a judge is attempting to divide martial property from non-martial property, and then eventually employ the “equitable division” standard to the applicable assets. So, the question to answer before deciding on a divorce is this: what does an individual have to disclose? The answer? – Pretty much everything.

Of course, for those couples who sign a prenuptial agreement prior to marriage, the issue of asset division usually isn’t that big of a deal. These documents best serve those couples who foresee a complex property division scuffle in the event of a divorce. But, prenup or no prenup, the division of property can present a prime opportunity for one of the rougher parts of a divorce. Knowing what to expect beforehand can help keep the process smooth.

Source: The Huffington Post, “Divorce Confidential: Asking the Right Questions in a Divorce,” Caroline Choi, Dec. 4, 2013