Rockville Asset Division Attorneys

Property Division Lawyers in Rockville, MD

For couples who choose to get a divorce, there will be many issues that will need to be addressed. The end of a marriage will involve legal concerns related to the dissolution of a couple's legal partnership, as well as financial issues related to income and property. The process of dividing marital assets can often be very complex, and spouses will need to understand the laws that affect this division and the steps they can take to protect their financial interests.

To ensure that issues related to property and finances will be addressed correctly, it is important to work with a skilled divorce attorney. At Salvado Law Offices, our lawyers understand the issues related to asset division that spouses will need to address, and we can help ensure that our clients will be prepared to resolve these matters successfully. We will work to negotiate agreements that will provide for our clients' financial needs while helping them complete the divorce process as quickly and efficiently as possible.

Marital Property vs. Non-Marital Property

There are two types of property that will need to be addressed during a divorce: marital and non-marital. This classification will determine which assets are subject to division during a divorce.

• Marital property: All assets acquired by a couple during their marriage are considered to be co-owned by both parties, regardless of who made the purchase or whose name is on the title. Marital assets will need to be divided between spouses during the divorce process.
• Non-marital property: Any assets acquired by either party before the marriage, inheritances or gifts received by one spouse alone, and property acquired after a couple has been legally separated will not be included in marital property. Prenuptial agreements may also identify certain assets that are considered non-marital property. As long as non-marital property has been kept separate from marital assets, a spouse will be able to retain ownership of the assets they own separately.

Types of Assets Considered During Divorce

During the divorce process, various types of marital and non-marital will need to be identified, valued, and divided. These assets may include:

• Real estate: The family home, vacation properties, and investment properties.
• Financial accounts: Bank accounts, stocks, bonds, and mutual funds.
• Retirement accounts: 401(k) plans, IRAs, pensions, and other retirement savings.
• Personal property: Vehicles, jewelry, artwork, and household items.
• Business interests: Any businesses owned by either spouse, including partnerships and corporations.
• Debts: Mortgages, credit card debts, and other liabilities.

Equitable Division of Property

In Maryland, the goal during a divorce will be to achieve an equitable division of marital property. A 50/50 split is not necessarily required, but each spouse should receive a fair and equitable amount of the couple's marital assets. The fair distribution of assets may be based on several factors, including:

• The length of the marriage: In longer marriages, a couple may have acquired extensive assets, and each spouse should have sufficient financial resources to meet their needs.
• Contributions to the marriage: Each spouse's financial and non-financial contributions to their family may be considered. The income earned by both spouses may be a factor, and household responsibilities such as child-rearing may also be considered.
• Economic circumstances: The financial needs and future earning potential of each spouse may be considered so that they will both be able to maintain their standard of living.
• Health and age: The age and physical and mental health of each spouse can impact the division of property. Issues such as health concerns and the ability to maintain employment may be considered when determining the amount of assets each party should receive.
• Agreements: If a couple has a prenuptial or postnuptial agreement that includes instructions about property division during a divorce, the terms of this agreement will most likely be followed.

Contact Our Rockville, MD Property Division Attorneys

At Salvado Law Offices, our divorce lawyers understand the financial and emotional concerns that can play a role in negotiating a property settlement. We make sure our clients understand how to determine the value of the assets they own, how to identify hidden or undisclosed assets, the tax implications of decisions about property division, and other issues that may play a role in these matters. We will advocate for solutions that will meet our clients' needs, helping to ensure that they will be able to move forward successfully after completing the divorce process.

To learn more about how we can assist with asset division and other divorce-related issues, set up a consultation by contacting us at 301-933-1814. We provide representation in Maryland divorce cases from our office in Rockville, and we also assist clients in Virginia from our office in Falls Church.