Marital property will need to be divided in the event of a divorce or a spouse’s passing. Even if a couple has a prenuptial agreement, it can be challenging to determine who should get what after a separation or a death.
An Owings Mills property division lawyer could help untangle marital assets and devise an equitable property division. Our seasoned family attorneys understand the complexities of dividing assets at the end of a marriage. Schedule an initial consultation with Nguyen Roche today to learn more.
Any assets acquired during a marriage are typically considered marital property, regardless of whose name is on the title, including the following:
However, couples can designate assets as non-marital property, even if acquired after a divorce, and may use a prenuptial or postnuptial agreement to do so.
Separate property, known as non-marital property in Maryland, includes assets obtained before marriage, gifts, and inheritances received by one spouse. It also consists of any property a valid agreement excludes, such as a prenuptial.
When couples mix their money, it is known as commingling or transmutation. Doing so can make it challenging to differentiate property ownership. A property division lawyer in Owings Mills may need to hire a forensic accountant or specialist to help determine the nature of those assets.
Maryland is an equitable distribution state, meaning there is no presumption that the court will divide assets equally. Instead, the court aims for a fair distribution. In addition to the total value of the assets, the following are considered:
Additionally, while Maryland does not require fault to issue a divorce, it can investigate the circumstances that led to it. The law is expansive, allowing the court to consider any factor it needs to in order to make a fair distribution of assets.
In addition to assets, the court must divide liabilities or debts. When deciding how to divide a debt, the court will examine why the debt was acquired, what it was for, and who is in a better position to pay it.
A court may equally divide a debt that the couple used for home improvement. In contrast, if one partner acquired debt to pay for an affair, a judge is unlikely to saddle their partner with it.
In many marriages, the spouses may have substantial disagreements about appropriate spending and saving, and a judge may consider spending patterns when dividing property. An Owings Mills lawyer could answer any additional questions their client has concerning the legal process of property division.
Even when separating spouses are amicable, getting a legal professional’s help with property division is a good idea. Accounting can be complex, especially if people have substantial assets.
Spouses must consider the present and future value of property, such as retirement accounts and pensions. In addition, an Owings Mills property division lawyer could ensure no hidden assets. Schedule an initial consultation with the Nguyen Roche team today to speak with a determined attorney.
