Maryland Division of Assets Attorney
When a marriage ends in divorce, couples have to worry about more than their emotional separation; they must also decide how to divide their marital assets.
This is not always an easy task. The heightened negative emotions that come with divorce can complicate the division of assets.
Having a compassionate family law attorney by your side as you go through the process will help you avoid unnecessary stress and protect your legal rights. Contact Shah & Kishore’s Montgomery County division of assets attorney for more information on how we can help.
What Sets Shah & Kishore Apart
Shah & Kishore’s unique financial background sets us apart from other family law firms in Montgomery County, Maryland. Our partner, Rahul Kishore, has an educational experience in Economics and Finance and a Master’s in Business Administration (MBA).
Attorney Kishore’s financial knowledge and education allow him to easily handle the division of assets cases involving real estate, stock options, retirement accounts, and businesses.
If you are looking for a dedicated family law attorney to advocate on your behalf and protect your interests, call Shah & Kishore today at (301) 315-0001 and schedule your free consultation.
How an Experienced Montgomery County Division of Assets Attorney Can Help
Next to child custody, the division of assets and debts are the most contentious matters divorcing spouses must work through. When long-term marriages and complex assets are involved, asset division can quickly become complicated.
At Shah & Kishore, our asset division attorney will help to alleviate some of the stress of property division by providing structure and organization to the process. Attorney Kishore will use his financial and small business knowledge to reach the best solutions and compromises whenever an agreement can be achieved.
In addition, Attorney Kishore will:
- Ensure you understand Maryland’s property division laws and how they apply to your divorce
- Help you to account for all of your marital assets and debts
- Attempt to resolve matters by negotiation, mediation, and other methods before litigation
- Assess your case for a spousal support claim
- Evaluate any tax consequences of a proposed settlement
- Prepare final divorce documents that clearly and correctly reflect any settlement
- Litigate your property division case before the court
Schedule your complimentary consultation with Attorney Kishore, and have your questions answered by a property division professional.
Identification of Assets in a Maryland Divorce
Property must be identified and categorized before it can be divided in a Maryland divorce.
In Maryland, property may be:
- Marital property
- Non-marital property
- Part marital and part non-marital property
- Family use personal property
Marital property is any property acquired during the marriage, regardless of who paid for it. It includes real estate, bank accounts, stock, pensions, furniture, retirement assets, cars, and other personal property.
Non-marital property is any property acquired before the marriage. It is protected from the debts of the other spouse. It is also any property acquired based on an agreement between the spouses or through inheritance.
Part marital and part non-marital property is commingled or mixed property. A house purchased before the marriage would be non-marital property. However, if marital funds were used to pay the mortgage, the house would become mixed property.
Family use personal property refers to any tangible property that was acquired during the marriage, used by one or both of the parties, or used for family purposes.
Division of Assets in a Maryland Divorce
Once the property is identified and categorized, any marital property must be assigned a monetary value and shared between the parties. Maryland is an equitable distribution state. This means marital property is divided to satisfy equity and fairness rather than equality.
The court considers several factors when making an equitable determination of the division of assets, including:
- The length of the marriage
- The age, health, skills, and abilities of the parties
- The amount of separate property owned by each spouse
- The relative ability of the parties to acquire property in the future
- The financial needs and liabilities of the parties
- The contribution to the education or the earning power of the other
- The contribution to the value of the marital property or the separate property
- The premarital property and postmarital property of each party
- The financial conditions of each party
- The tax consequences of property division
- The use and possession of property
- Other factors that the court considers appropriate (such as the circumstances that led to the divorce)
The court cannot transfer a property title from one spouse to another. However, it can grant a monetary award to the untitled spouse as an adjustment for any inequities in property division.
The Marital Home
The marital home is typically the most significant asset owned by the spouses. A home’s value is in its equity. Home equity is the current market value of the home separation. For a divorce, this is the date of separation, minus any liens or mortgages.
When possible, the spouses may agree on a current market value, subtract any debts, and divide the home equity.
There are three ways of doing this:
- Sell the home and divide the proceeds
- One spouse may refinance the house and buy out the other
- One spouse remains in the home with exclusive use and possession for a specific time, then either buys out the other spouse or sells the house and divides the proceeds. This is common when children are living in a marital home.
Spouses who cannot agree on a value for the marital home or who should remain within it must advance their position to the court for a ruling on the issue.
Pensions and Retirement Accounts
In Maryland, pensions and retirement accounts are considered property and can be divided in a divorce. These plans require a Qualified Domestic Relations Order or QDRO to be submitted to the plan administrator with instructions setting forth the terms and conditions of the distribution.
Contact Our Experienced Montgomery County Division of Assets Attorney Today
Working with Shah & Kishore will give you access to Attorney Kishore’s unique financial background and understanding. He is able to determine the accurate valuation of financial assets in collaboration with our network of experts. This combination of skill and experience will achieve optimal results for you.
If you want more information, contact us online to schedule a consultation. You can also call us at (301) 315-0001 to speak with our skilled division of assets attorney in Montgomery County, Maryland.