When a couple divorces, they will need to determine who takes what property. Attorneys and courts will need to split all marital assets, which the couple owns jointly. Not surprisingly, dividing assets is often a complicated and controversial process about which the parties will likely have wildly different views.
Property division can become complicated by additional factors, such as if the family owns a business that will have to get valued and which cannot get divided. Other times, .the assets may be in one party’s name only as well as the mortgage and there may be a claim for use and possession of the marital home.
If you are getting divorced, it will be important to ensure that your rights are advocated on your behalf in front of the courts. Hiring a Bethesda property division lawyer will help you protect yourself throughout the process. Only an experienced and local divorce lawyer has the skills and resources necessary to fight for your legal rights and interests.
Equitable Distribution of Marital Assets
In Maryland, courts strive to distribute marital assets equitably. It is important to note that equitability does not always mean equal. Some assets might mean more to one party than the other, leading to a need for strategic negotiations.
One of the parties may want to remain in the family home, which might mean the other party may have to wait to get his/her equity or there may be negotiations leading to a buy out. These matters can become extremely complicated and lead to heated and lengthy debates. Hiring a Bethesda property division lawyer will help a person understand their legal options for negotiating and recovering a fair share of the marital assets.
Not All Assets are Marital
Courts can only divide marital assets. If one party recently inherited money from a third party, those funds are likely non-marital property that will go with the inheriting spouse. Property a person owned before marriage might also constitute non-marital property.
Non-marital property may become converted into marital property if the owner commingles their non-marital assets with marital assets. For instance, if a party inherits money and deposits those funds in a marital joint account, that person may no longer be able to claim sole ownership of those funds.
When going through a divorce, the parties should work to protect themselves and their assets. The results of property division terms will impact them for many years to come. A property division lawyer can help a person protect their client and their assets and wealth.
How Courts Divide Assets
When dividing marital assets, courts look at various factors to reach what they deem a fair arrangement. Judges will review the ages of the individuals, the parties’ earning capacities and financial situations, and the length of the marriage when they determine who gets what property, among many other factors.
Courts also look at either party’s economic contributions and whether one party will be paying alimony to the other. Sometimes dividing an asset at the time of divorce might be challenging because some assets may not be able to be divided and the court must assign a value to them. A court might grant a custodial parent use and possession of the home, for a period of up to three years post divorce and after that the home would be sold and the proceeds divided.
In most cases, there will be many possible ways to divide the couple’s property. A Bethesda attorney can carefully review the assets and income of the parties in order to advocate for their client’s interests.
Get In Touch With a Bethesda Property Division Attorney
Divorces are major changes for the parties and any involved children. Handling asset division and other important aspects at the end of the marriage might become complicated by the individuals’ heightened emotions. Courts must evaluate the property involved to ensure equitable treatment and to ensure that the law is followed.
Divorce is never easy, but having someone on your side can improve the outcome. If you are in the process of divorcing your spouse, contact a Bethesda property division attorney right away. Your attorney can help you understand and protect your rights.