A standard part of marriage is a steady accumulation of assets and other property. In many marriages, a couple may combine their income and personal property. This can make life complicated when determining how to split these assets during a divorce.
A seasoned divorce attorney can help one spouse fight for a fair portion of a couple’s marital assets. While the division of property can be stressful and emotionally draining, your attorney can make the process easier for you. A Rockville property division lawyer can assess your situation and determine what assets you should be entitled to during your divorce.
Identifying Marital Property in Rockville
During a divorce, a court will not divide all of the property owned by either spouse. This is because property that one spouse separately owns is not subject to division. The court will only determine how to divide marital property between both spouses.
Separate property comes in different forms. It could include any inheritance from a family member or property owned before the marriage. Items purchased with inheritance also may qualify as separate property.
Marital assets generally include items of value purchased or income earned during the marriage. In addition to bank accounts, marital assets also may include homes or cars. Prior to filing a divorce, it is possible for the parties to reach an agreement on splitting marital property. If the parties agree on how to split every asset amicably, the court may approve this decision. However, it is important to note that the court will make the ultimate judgment. A Rockville attorney can help a person negotiate a property division of marital assets during a divorce.
How the Court Divides Marital Property
Before a judge can divide a couple’s assets, they must determine which types of property are subject to division. The next step in the process involves the court assigning a monetary value to each item. Once the money and assets of a marriage are combined, the court has the power to grant monetary awards and transfer property to either party. Marital assets do not have to be split evenly between two divorcing parties. Instead, the court has the power to divide assets as equity and fairness require.
Maryland Family Law §8-205 establishes the rules regarding the division of property. According to this statute, the judge must consider the following factors when splitting marital property:
- The contributions made by each spouse
- The value of the property
- The economic circumstances of each individual
- The cause of the divorce
- Each party’s age
- The length of the marriage
- The health of each party
A Rockville attorney could assist a person in the property division process by advocating to the court their need for a fair share of the marital assets.
Work with a Rockville Property Division Attorney
The process of distributing marital assets can take a significant amount of time. While this process is rarely simple, the right attorney can ease the burden significantly. You deserve to retain your fair share of marital property. To discuss your case, schedule an appointment with one of our Rockville property division lawyers as soon as possible.