In many Maryland households, one spouse handles the family's finances. A number of married couples simply find it easier to keep track of bills and investments if the responsibility is delegated to one spouse. Other couples might find it preferable to keep their finances relatively separate, with each spouse taking care of his or her own bills and assets. Both of these options, however, can lead to problems in the event of divorce. In the first scenario, there is one spouse who is not aware of the ins and outs of the couple's financial portfolio. In the second scenario, spouses have little visibility into the other's finances.
In order to achieve a fair and reasonable division of property and assets during divorce, it is important to have an accurate picture of the household's income, assets, expenses and liabilities.