A person’s assets are determined by what the divorcing couple owns. It is based on what marital assets and non-marital assets the spouses own. Non-marital assets are usually things that are premarital, which means that the party owns said property before their marriage. An example would be if one spouse comes into the marriage with a piece of property (ie – a house, or a car, or land). Additionally, there are mixed assets, as well. These assets are determined on the date of marriage, the source of the funds used to purchase, whether the property was a gift or inheritance. Distributing assets in a Rockville divorce case can be contentious so it is best to seek legal help as soon as possible. A knowledgeable divorce attorney can help determine the nature of your assets and help you divide your assets amicably.
Understanding a Prenuptial Agreement
A prenuptial agreement (known simply as a “prenup”) is a contract between two parties before they are married. Additionally, it determines what assets each party will leave the marriage with if a couple gets divorced, and can also pre-determine a custody and child support arrangement. A prenup can lay out everything from custody, to division of assets, to the sale of property, and even things like which attorneys can be used. Anything that can legally be agreed to can go in a prenup.
A prenup is often used to protect certain assets, big or small. For example, if a couple comes into the marriage with a home, the house is considered premarital. However, the way it appreciates during the marriage, that appreciation has becomes marital. A couple can write into their prenuptial agreement that the appreciation of the house that they owned before marriage is not going to be considered marital properties. It is commonly used for The couple can define property in the prenuptial agreement. The prenuptial agreement is a contract that determined what will happen if the parties separate.
What Is A Postnuptial Agreement?
A postnuptial agreement is similar to a prenuptial agreement except this agreement is determined after marriage and determines which assets, premarital or marital, will go to which party and essentially dictates how a separation and divorce will go. A postnuptial agreement is usually drafted if a person comes into a lot of money, acquires a lot of properties throughout the marriage or starts some sort of business that they wish to keep separate. They also can address custody issues. It is a contract for how the marriage would dissolve should the parties divorce.
What Happens To Debt Accrued Within The Marriage?
Debt accrued within the marriage is considered as marital property. This means the debt, property, and other marital assets will be split amongst the parties. A seasoned attorney could determine which assets are considered as marital property and help create a favorable outcome.
Cost of Divorce in Rockville
The cost of a divorce depends on how contentious the other party is. If custody is not at play, a divorce can be much cheaper. Additionally, if asset division and marital property is not involved, a divorce can also be much cheaper. A case depends on what each party is willing to settle on or willing to agree to and what they are not.
Seek Help From a Rockville Divorce Attorney
If you live in Rockville and are seeking a divorce, you should contact a local attorney for help. A seasoned divorce attorney knows the courthouses, the judges, the magistrates, and often knows the other attorney as well. It is definitely beneficial to hire someone who knows the way of the land and has familiarity with that area. Let a skilled attorney help with distributing assets in a Rockville divorce case. Call today.