Hello everyone, and welcome to The Murphy Law Monday! Today, we're diving into a crucial topic that often arises in divorce cases: Marital Assets and how they are divided in divorce matters.
🏛️ Jurisdiction Matters: First things first, let's talk about jurisdiction. If you're in Maryland or the District of Columbia, you're in continuous jurisdictions. What does that mean? From the day you get married until the day you get divorced, anything you gain or own is considered Marital property.
💍 Defining Marital Property: Marital property, by definition, encompasses anything acquired during the course of your marriage. Yes, that means if you bought a car today and decided to file for divorce today, that car is marital property. Likewise, if you picked out a sparkling ring today and initiated divorce proceedings, that ring also falls under the category of marital property.
💡 A Word of Caution: It's essential to be mindful of this when contemplating divorce because anything you purchase or acquire during your marriage can potentially be subject to distribution during divorce proceedings.
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