Rockville Asset Division Lawyers

Which marital assets can be divided?

Any property that is classified as marital property can be divided between both spouses no matter how it is titled. Marital property includes all property that is acquired during the marriage, with the following exceptions:

• A gift from a relative, friend, or anyone who isn’t your spouse
• Any inheritance from a non-spouse
• Property that the spouses agree isn’t marital property

Marital property does not include property that each spouse owned prior to the marriage unless the spouses agree otherwise. What many people do not realize is that while separate property belongs to each spouse, any increase in the value of the property might be considered marital property.

What are the factors used to divide marital property?

There are three primary considerations in equitable distribution cases:

• The division is based on what is fair. Fairness may require a 50-50 split, or they may not. Often, our equitable division lawyers can obtain a better award for our clients by creating a plan that is tailored to their best interests.
• Specific family law factors. The division may be based on the following factors set forth in the Maryland statutes:
  • The length of the marriage
  • How physically and emotionally fit or unfit each spouse may be
  • How old each person is
  • The economic circumstances of each spouse
  • Why the couple is getting a divorce
  • How each spouse contributed to the accumulation of marital property.

It is crucial to note that a person who stayed at home to support their spouse’s job by taking care of the children and the home have made just as valuable a contribution as someone who brings home a paycheck when it comes to determining asset division.

• Consideration of other family law rights. The amount of any alimony award or agreement is considered when determining what is a just equitable division split. Which parent is going to be the primary physical custodian of the children is also considered.

Many times, our property division lawyers negotiate trades so that each side can keep their priority items. For example, we may suggest that our client keep the marital home in return for taking a reduced interest in their spouse’s business or retirement benefits.

What are the different ways to resolve equitable division disputes

Identifying, valuing, and dividing the marital property is an arduous process. While many attorneys negotiate directly with each other on behalf of their clients, there are a few other ways to decide which spouse retains which assets:

• Divorce Mediation. Here, another person, usually another divorce lawyer, helps facilitate a settlement by speaking with both sides. Mediators are required to be neutral.
• Collaborative divorce. In this process, the lawyers and spouses meet at regular intervals in person. The lawyers usually work with other professionals, including child psychologists and accountants, to help foster an agreement.
• Trial before a judge. When your spouse simply will not cooperate, we are strong advocates for you in court.

Our lawyers are highly skilled in every resolution method.