Divorce Asset Division Guide

Summary

In Maryland, divorce asset division follows equitable distribution, meaning assets are divided fairly but not necessarily equally. Marital property, acquired during the marriage, is subject to division, excluding gifts or inheritance. Factors like contributions to the marriage, economic circumstances, and future needs are considered. For child support, calculations are based on both parents income and custody arrangements. Alimony is determined by the marriages length, living standards, and financial resources.

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Are you able to come up with a divorce financial agreement for Mario who makes $* and Nancy who makes $* a year. They have been married for 25 years, have * houses jointly owned: Twig equity is $*, Montrose equity $*, Weller equity $* and Strawbale equity $* and where Mario diverested $*.*. They have one 17 year old daughter who is living with Nancy solely.
It sounds like you're looking for information on how assets and finances might be divided in a divorce situation in Virginia. While I can't draft a specific agreement for you, I can provide some general guidance:
- Equitable Distribution: Virginia follows equitable distribution, meaning assets are divided fairly, not necessarily equally.
- Marital Property: All property acquired during the marriage is considered marital property and is subject to division.
- Child Support: Based on the custody arrangement and both parents' income, Virginia child support guidelines will apply.
- Alimony: Factors include the length of the marriage, standard of living, and financial resources.
Would you like more information on any specific aspect?
This is in Maryland not Virginia
Since you're located in Maryland, here’s some general guidance on divorce asset division and support:
- Equitable Distribution: Maryland follows equitable distribution, which means assets are divided fairly based on factors like contributions, duration of the marriage, and needs.
- Marital Property: Property acquired during the marriage is considered marital and subject to division.
- Child Support: Calculated based on both parents' income, custody, and Maryland guidelines.
- Alimony: Determined by factors like the length of the marriage, living standards, and financial resources.
Would you like more information on any specific aspect in Maryland?
yes I am looking for the division of assest
It seems you’re dealing with asset division in Maryland. Here's a bit more detail on how it works there:
- Equitable Distribution: Assets are divided fairly, but not always equally. Factors considered include contributions to the marriage, economic circumstances, and future needs.
- Marital Property: Anything acquired during the marriage is typically divided, except for gifts or inheritance.
Do you have any specific questions about this process?