Rockville Property Division Lawyer
One of the central issues of most divorces is the division of marital property. The complexity of this division can vary. While some couples might own little between themselves, others could have a stake in substantial financial assets. In either case, the advice and guidance of a practiced divorce attorney are crucial to both parties.
By following the advice of your Rockville property division lawyer, you could ensure that you retain a fair share of your marital assets. While the division of property is often contentious in a divorce, the right legal counsel can ease the stress that is a common part of the process.
Marital and Separate Property in Rockville
Under Maryland law, not all of the assets owned by one spouse or the other will automatically require division. Certain types of assets are exempt from the process. Understanding this aspect of property division first requires a person to know the difference between marital and separate property. A Rockville attorney could advise their client on what category of property their assets fall into.
The legal distinction between marital and separate property is important. While the court is empowered to divide marital property, separate or non-marital property remains with its original owner. Marital property is anything that one or both spouses acquired during the course of the marriage. This could include physical objects like cars, homes, or art. However, it could also include intangible assets like pensions or even airline miles.
Separate non-marital property is any item one spouse obtained prior to the beginning of the marriage. Additionally, assets like inheritances, gifts from a third party to one spouse and property excluded by valid agreement are considered non-marital property, not subject to division during divorce. The determination of whether an asset is marital or separate could reshape the finances of both spouses following a divorce.
Property Distribution In Contested Divorces
In many cases, the two sides will come to an amicable agreement on which party will obtain specific assets. When this happens, there is no need for contested hearings, and the division of property aspect of the divorce can conclude quickly.
Not all divorces are this amicable, however. In many cases, the right to specific marital property is hotly contested. When the parties cannot come to an agreement, the court must determine what makes for a fair division of property.
Maryland Family Law Code Section 8-205 sets out the factors the court should consider when dividing marital property. These factors include:
- The age of the parties
- The contributions made to the family
- Each party’s economic circumstances
- The duration of the marriage
- The facts of the estrangement
These factors are expansive, giving the court fairly broad discretion in making their property determination. While most aspects of property division are permanent, the court could grant temporary possession of a family asset if it benefits the couple’s children. Common examples include homes and vehicles.
Reach Out to a Rockville Property Division Attorney As Soon As Possible
If you are facing divorce, you deserve an attorney that will protect your legal rights during the division of property. Tracing assets and determining whether or not they are marital property is a complex aspect of any divorce. Without the right attorney, you could find yourself treated unfairly by the courts.
Do not leave the division of property in your divorce the chance. Contact a Rockville property division lawyer immediately to discuss your options.
