Is marital property the same as community property?

Is marital property the same as community property?

Marital Property and Community Property States Community property states follow the rule that all assets acquired during the marriage are considered “community property.” Marital property in community property states are owned by both spouses equally (50/50).

Is Maryland a community property state?

Maryland is an equitable-distribution state, meaning property does not need to be divided equally among separating spouses. Even if there is some comingling, that doesn’t mean it’s not non-marital property, says Landau. It means there’s a claim that some part of that non-marital property became marital.

What assets are considered community property?

Generally, in community property states, money earned by either spouse during marriage and all property bought with those earnings are considered community property that is owned equally by husband and wife. Likewise, debts incurred during marriage are generally debts of the couple.

Is a house a marital asset?

For example, if you and your spouse bought a house together and continually paid a joint mortgage, the house would be considered to be marital property. Likewise, any debts accrued together are considered joint property debts.

How is asset division calculated in divorce?

The Family Law Act states that the division of assets in a divorce must be ‘just’ and ‘equitable’. Due to this, you should not assume that your assets will be split 50/50. You should always seek advice from a family lawyer to help you receive what you’re entitled to from a divorce.