Rockville Property Division Attorney
Determining who is entitled to the assets accrued during a marriage once the couple decides to dissolve their marriage can be complicated and, sometimes, contentious. If you are divorcing, a Rockville property division attorney can help formulate a strategy to retain the assets that are most beneficial to you. Shah & Kishore are here to answer all of your questions and will guide you through every step of this challenging process.
Why Choose Shah & Kishore for Your Property Distribution Needs?
- We have a profound financial background that allows us to accurately determine whether your assets are being appropriately valued.
- We have resources at our disposal, such as business evaluators, business appraisers, forensic accountants, and business consultants who can ensure that the marital property’s value is evaluated correctly.
- Our clients experience unmatched communication. We keep you updated on all aspects of your case and are ready to answer your questions as they arise.
How is Property Distributed in Rockville, MD?
Community property is a term you often hear when divorce is discussed. It simply means that all interests in marital property are divided equally. Maryland is not a community property state. Instead, it determines how property is separated by anequitable distribution statute, meaning the court has no obligation to distribute property equally between the two spouses.
Properties identified as marital properties will be divided between the former partners. The court’s goal is to fairly and equitably distribute them. Several factors will be examined by the court and will be used to define who is entitled to what asset.
The following are factors that will be used to make those determinations:
- Duration of the marriage
- The way the assets were obtained
- Each spouse’s current financial situation
- Economic and non-economic contributions to the marriage by each spouse
- Age of each spouse
- The health of each partner
Every marriage is different, and there may be other factors that the judge may use in determining property distribution. A property distribution attorney in Rockville, MD, can clarify any questions you might have about your marital assets.
How Should I Protect My Property?
When facing a divorce, it is natural to be concerned about how your property will be divided. You will want to be treated fairly in the process so that you receive the assets to which you are entitled. There are some action steps you can take to protect what is yours.
A prenuptial agreement is a document that both parties agree to prior to the marriage that details what should happen to the couple’s property in the case of a divorce. It may cover topics like child support, child custody, marital support, and property division. Postnuptial agreements work similarly but are signed after the couple is married.
If you do not have a prenup and a postnuptial agreement is no longer a possibility, you should contact a Rockville, MD, property distribution lawyer to aid you in navigating this challenging process. By assessing your specific situation, they will understand how to approach your case to retain the assets that are important to you.
Frequently Asked Questions About Property Division in Maryland Divorce
Property division is one of the most important and often contested aspects of divorce. In Maryland, dividing assets and debts is governed by specific legal principles that differ from community property states. Understanding how Maryland courts approach property division can help spouses better prepare for the divorce process and protect their financial interests.
Is Maryland a Community Property State?
No. Maryland is an equitable distribution state. This means that marital property is divided fairly, but not necessarily equally. Courts consider a variety of factors to determine what division is equitable based on the circumstances of the marriage and divorce.
Equitable does not always mean a 50/50 split. In some cases, one spouse may receive a greater share of marital property if fairness requires it.
What Is Considered Marital Property in Maryland?
Marital property generally includes assets acquired by either spouse during the marriage, regardless of whose name is on the title. Common examples include income, retirement accounts, real estate, vehicles, and jointly accumulated debts.
Property acquired before the marriage, inheritances, and gifts received by one spouse from a third party are typically considered non-marital property, as long as they have not been commingled with marital assets.
How Does the Court Divide Marital Property?
Maryland courts follow a three-step process. First, the court identifies which assets are marital and which are non-marital. Second, it values the marital property. Third, it decides whether to grant a monetary award to achieve an equitable result.
Unlike some states, Maryland courts do not usually order the physical division or sale of property. Instead, the court may award one spouse a monetary payment to balance the division.
What Factors Does the Court Consider When Dividing Property?
When determining an equitable distribution, Maryland courts may consider factors such as the length of the marriage, each spouse’s contributions to the marriage, the economic circumstances of each party, and the reasons for the divorce.
The court may also examine how property was acquired, each spouse’s future earning capacity, and any agreements between the parties.
How Are Debts Divided in a Maryland Divorce?
Marital debts, like marital assets, are subject to equitable distribution. Debts incurred during the marriage for the benefit of the household are typically considered marital, even if only one spouse’s name is on the account.
The court evaluates who benefited from the debt and each spouse’s ability to repay when allocating responsibility.
Can Property Division Be Settled Outside of Court?
Yes. Many couples resolve property division through negotiation, mediation, or a marital settlement agreement. Courts generally approve agreements that are fair and entered into voluntarily.
Settling property issues outside of court can reduce legal expenses, speed up the divorce process, and provide more control over the outcome.
We are Ready to Aggressively Fight for Your Best Interests
At Shah & Kishore, we stand ready to protect the property and assets you have worked hard to acquire. Contact us to discuss your goals for distributing your assets and craft the best winning strategy available to provide you with the aggressive representation you need to protect your interests as you move forward from your marriage. This can be a challenging time, and our goal is to make it less difficult for you.
Our team is as compassionate as they are fierce. Our firm’s Rockville, MD, property distribution attornies are skilled, experienced, and ready to fight for what you deserve. Reach out today to see what we can do for you.