Towson Property Division Lawyers
Our Baltimore Divorce Lawyers Handle Complex Issues of Division of Marital Assets
The division of a couple’s marital assets at the end of a marriage can be complicated by a wide variety of factors The experienced Towson divorce lawyers at Huesman, Jones & Miles, LLC can guide you through the complexities of the Maryland equitable distribution laws to ensure that you receive a fair property settlement during your divorce.
Equitable Distribution of Assets
Property division during a divorce in Maryland is based on the principle of equitable distribution. Both parties are entitled to a fair division of the marital property. Equitable distribution does not mean that all assets will be divided equally, rather Maryland courts work to ensure that the final property settlement is fair to each party given the unique circumstances of each divorce case.
All property held jointly by the married couple or acquired during the marriage will become part of the property settlement process. In addition to real property such as houses or land, the following also falls within the category of marital property: bank accounts, pension and retirement benefits, business ownership interests, investments including securities, stocks and bonds, insurance proceeds and personal property.
Non-marital property, which is subject to the property division process, includes property acquired by a spouse prior to the marriage, property acquired by inheritance or third party gift to only one spouse, and property excluded by agreement of the parties.
Monetary Awards and Property Division
Towson divorce lawyers at Huesman, Jones & Miles, LLC stress cooperation between spouses to successfully work out an agreeable property settlement without the intervention of the court. Unfortunately, this is not always possible. When parties cannot agree on a fair distribution of the assets, the court must intervene and often grants a monetary award to one spouse to balance out the equitable distribution of the marital assets.
Monetary awards are based on numerous factors including the monetary and non-monetary contributions of each party to the well-being of the family. Under Maryland law, non-monetary contributions by either spouse acting as homemaker, parent, house wife or repair person may be equivalent to monetary contributions. Other considerations include how and when the property was acquired (who contributed to the acquisition of the property), the total value of all the marital property, the economic circumstances of each party at the time the monetary award is being made, the circumstances leading to the divorce, the age of the spouses, the length of the marriage, the amount of any alimony award and the physical/mental health of each spouse.
Property Division Issues
At Huesman, Jones & Miles, LLC, our Towson family law lawyers work to obtain quick and cost effective property settlements for our clients. Our attorneys are experienced negotiators who can guide you through some of the most common property division issues including:
- Hidden assets
Spouses may not always be forthcoming during a divorce. Our Baltimore County divorce lawyers have vast experienced working with forensic accountants to discover a spouse’s hidden assets.
- Securing an agreement for determining the value of marital assets
If no agreement is reached, the value of the property on the date of the separation or divorce will be used when determining the value of property during the property division process.
- Martial debt obligations
Some marriages end while spouses are in the midst of serious financial troubles. An experienced property division attorney can help sort through marital debt obligations as part of the property division process.
- Tax consequences to the division of marital assets
Division of the marital property, particularly if one spouses receives a monetary award from the court, may result in significant tax consequences.
- “Use and possession” of family property
The “use and possession” provision in Maryland law allows a spouse to live up to three years in the marital home to enable the children to continue to live in familiar surroundings. Our attorneys can assist you in determining if this provision is appropriate given your own circumstances.
Towson Divorce Lawyers at Huesman, Jones & Miles, LLC Provide Aggressive Legal Representation During the Division of Marital Assets Process
If you are considering filing for a divorce in Maryland, the experienced Hunt Valley divorce lawyers at Huesman, Jones & Miles, LLC are there to assist you in drafting property settlement agreements or obtaining monetary property awards from your spouse. Our experienced divorce attorneys are dedicated legal professionals who will fight vigorously on your behalf to make sure all of your rights are protected. Call us today at 443-589-0150 or contact us online to schedule your free confidential consultation with a qualified Towson divorce lawyer.
Our law offices are conveniently located in Hunt Valley, MD for easy access from all regions throughout Baltimore County, Harford County, Carroll County and Howard County, including the areas of Baltimore, Towson, Essex, Columbia and Bel Air.