Columbia Property Division Lawyer
Ending a marriage can be an incredibly stressful time as you and your ex-spouse decide how to separate your lives. Even trying to agree on how to divide your assets can be fraught with difficulties.
A Columbia property division lawyer at Price Benowitz can provide you with advice and guidance on your rights during this process. Having a dedicated divorce attorney by your side can help ensure that everything is divided fairly between you and your soon-to-be ex-spouse, so you can both move on with your lives.
Understanding Marital and Separate Property
Not all property and assets are divided during a divorce. Only marital property gets distributed, and each spouse keeps their personal possessions. As such, the first step in preparing for these proceedings is to understand the difference between marital and non-marital property.
Under Maryland law the definition of marital property is any asset acquired by one or both spouses during the marriage. This can include:
- Income from rental properties
- Stocks and other investments
- Retirement accounts and pensions
- Real estate, including the family home
- Physical objects, such as cars, artwork, and electronics
The last part of the definition is important, as marital property typically refers to anything acquired during the marriage. However, there are exceptions to that rule. Exceptions include gifts and inheritances, as well as anything expressly identified in an agreement. Property and interests that either spouse acquired before getting married are usually excluded from the process.
Having an experienced Columbia attorney assist with a thorough accounting and evaluation of the marital possessions can ensure the inclusion of all relevant assets. This vital step in the process provides each spouse with an understanding of their financial situation after the divorce.
How Is Marital Property Divided?
Once the couple categorizes their possessions as marital or non-marital property, they begin dividing the assets. Ideally, the spouses reach a mutual agreement on how to distribute them. Complexity may vary, regardless of the value of the assets at issue. A prenuptial agreement may outline how to allocate property in a divorce and often serves as an effective way to separate with minimal conflict.
Unfortunately, not everyone has a prenuptial contract, and not all couples reach an amicable agreement. In these cases, it is up to the courts to determine an equitable distribution of the property in contention.
Equitable distribution does not guarantee an equal 50/50 split. Physical items, such as a family car, cannot be divided without losing their utility. If one spouse owned real estate before the marriage but the other contributed to its maintenance, both may have a claim. In such cases, the court assigns a monetary value to the asset and uses that figure to determine a fair division. Judges have wide discretion and may evaluate factors such as the length of the marriage, each spouse’s financial situation, and their contributions to the household.
This occurs during a court session where the judge hears arguments from both sides to reach a determination, which is why it is best to have lawyer representation. A skilled attorney can advocate for a fair and equitable asset distribution in Columbia divorces.
Contact an Attorney in Columbia for Help Regarding Asset Distribution
If you are going through a divorce and have concerns about the handling of your possessions or need help reaching an agreement with your ex-spouse, talk to a Columbia property division lawyer at Price Benowitz about your situation. A dedicated attorney can help you prepare for the process and advocate for your rights.
A divorce can be contentious, but both sides have an opportunity to start anew. Contact Price Benowitz today for a free case evaluation with an experienced family law attorney and get started on the process.