Maryland has equitable distribution laws in place for couples looking to divide assets in a divorce. But, the laws are not so straightforward when it comes to deciding who keeps the engagement ring in the event that the couple splits before marriage. Many men spend thousands of dollars on the perfect ring when it comes time to propose, so it would only seem fair that they would be able to keep it should the relationship go sour. While the ring went to the "innocent" person in the past, modern law has changed dramatically and property division is based on the situation.
Posts tagged "sentimental value"
When Maryland couples divorce, they typically fight over assets such as bank accounts, homes, vehicles and expensive artwork. However, more and more divorces are involving pets, which tend to be treated as property under state laws, despite being treated as members of the family in many households. One recent property division case involving a dog resulted in sole custody for the ex-husband, a veterinarian.
Maryland residents who are lucky enough to have their divorces proceed amicably usually count themselves as lucky. After all, most people think of divorce as a highly contentious process, full of courtroom battles over issues like child custody and alimony. While professionals who are involved in all stages of divorce have made huge gains in recent years in efforts to move more divorce cases toward respectful mediation and away from courtroom litigation, the fact remains that many cases can only be resolved in front of a family law judge.
When a divorce reaches the property division stage of the proceedings, a number of critical factors come into play. For some, items that are up for grabs have sentimental value, thus making it an even harder fight when both soon-to-be ex-spouses are pushing for ownership. For others, there are barely any emotions involved at all, but there are a great deal of valuation questions to be answered. However, one common thread in almost all divorces is that at some point the decisions on what makes up marital property and what is non-marital property have to be made.
When someone is considering a divorce, they may already have a preconceived image in their mind about what the process will be like. Many people envision contentious and lengthy court battles, over issues ranging from child custody and support to property division.
Many of our more regular readers are probably becoming familiar with all of the issues that can come up in a divorce involving complex property division. In almost every divorce asset division is one of the touchiest issues, ranking right up there with child support arguments and child custody disputes. However, for some couples the division of marital property involves greater concerns that just who gets the house and who gets the car. For some, the assets at the heart of property division are business assets.
When our Maryland readers think about complex property division, they probably envision huge amounts of marital property that is subject to a split, along with numerous bank accounts, the complex valuation of artwork or vicious fights over assets that have sentimental value to both spouses. However, one difficult part of the property division process often gets overlooked: splitting insurance.
Arriving at the decision to file for divorce can be the toughest part of the process for many people throughout the country. The decision itself can be such a major turning point in life that oftentimes a great deal of thought and second-guessing occurs. There can be many factors at play: children and the impact the divorce will have on them; wondering whether or not there are any options left to salvage the marriage; and, ultimately, the deciding point for some people is where their bank account balance will stand afterward.