Skillful Bethesda Asset Division Lawyers Fight to Divide Marital Property Fairly
Identifying, valuing, and determining the proper distribution of marital assets in Montgomery County
People make many sacrifices during their marriage, for love, for their children, and so they can financially prosper. With luck and hard work, they can buy a home, put money into bank accounts, start or run a business, and earn the right to collect retirement benefits later in life. All these assets acquired during the marriage are divided following equitable division when a couple divorces in Maryland, which does not necessarily mean a 50-50 split.
At McCabe Russell, PA, we understand the complexities of equitable division law. We have helped men and women reach fair settlements and obtain just orders, dividing their marital property. Often, we can negotiate better settlements by trading off your priority items for your spouse’s. Our Bethesda asset division lawyers are experienced at mediation and collaboration in addition to standard negotiation and trial resolution methods.
What is considered marital property?
Not every asset is marital property. Items that each party brought into the marriage, such as a car, are considered separate property – though the increase of value in the separate asset, such as rising stocks, is part of the marital property. In addition, the following assets acquired during the marriage may also belong to each spouse separately:
- A gift from someone other than the spouse
- An inheritance from a parent or other person
- Property that the couple agreed, preferably in writing, would be separate property
We work methodically and strategically to obtain the best possible equitable division result by identifying each marital asset and making sure it is properly valued.
How does the division of marital property take place?
Maryland identifies many different factors that affect how marital property is divided in a divorce. Some of the factors used to divide marital property fairly are:
- The length of the marriage
- The age of the spouses
- The health of the spouses
- The financial situation of each spouse
- The reasons for the divorce
- What contributions each person made to support each other and the marriage
- What the assets are, how they were acquired, and why each party might need a particular asset
- Whether one person is receiving alimony
We specifically advise that a person who managed the home while their partner earned a living has just as valid a claim to the property as the breadwinner. We are especially adept at handling high-asset cases involving many different types of real and personal property.
What happens to your business in divorce?
The question of how a business asset is divided during a Maryland divorce is a complicated one. There are many factors to consider including the valuation of the business, and whether the business can be considered separate or shared property. Many factors can influence if or how the business asset will be divided such as whether the parties started the business together, or one party already owned the business prior to the marriage. If there is a prenuptial agreement in place which protects the business, it is not subject to asset division.
Key equitable distribution strategies
At McCabe Russell, we are well-respected by our peers and opposing counsel, for our ability to offer creative solutions – and our willingness to fight for our clients’ rights. We are successful in negotiations and in trials because we are willing to put in the work beforehand, especially when it comes to asset division. Some of the equitable distribution issues we analyze are:
- Which assets can be traded for others? Often, one party wants to keep the marital home, so the children are not uprooted and can stay in the same school. If the other party has retirement benefits that have significant value, an interest in the home can be swapped for an interest in a pension plan or other retirement assets.
- How are business interests divided? Some business ownership interests can be sold, and the proceeds divided. Often, though, you need to keep ownership in the business in order to earn a living. We work out solutions that match our clients’ needs.
- How will the distribution affect the children? In addition to keeping children in the marital home and the same school, we also explore creating trusts, keeping children on insurance policies, and other options that benefit your children.
In addition to resolving the division of marital property, our lawyers review who will be responsible for the marital debts and whether the debts should be paid immediately or over time.
Types of Cases We Handle
Our Bethesda attorneys handle a variety of cases, including:
Talk with a respected Bethesda divorce lawyer as soon as possible
Proper planning, discussion, and analysis can save worry and provide you with the financial security you need. At McCabe Russell, PA, our Bethesda team protects and upholds the rights of our clients, supporting them through the transition into their new lives. We are skilled at finding unique solutions, and we are tough litigators when your spouse is contesting matters. To learn more, please phone us at 443-812-1435 or complete our contact form.
6701 Democracy One Plaza Loop,
Bethesda, Maryland, 20817
Phone: (301) 888-6945