Fulton Asset Division
Fulton Asset Division Attorneys
Handling the Equitable Division of Marital Assets in Maple Lawn, Maryland
Couples work hard to develop a nest egg and to provide for each other during the marriage. While it is more expensive to live apart, that does not mean you shouldn’t be secure about your finances when divorce is necessary. With careful planning and strong counsel, spouses can get their economic situation in order, so they can plan for the future following a divorce. Each party is entitled to their fair share, to prioritize their needs such as keeping the family home and to their interest in every type of marital property including business interests, stocks and pension benefits.
At McCabe Russell, PA, our Fulton asset division attorneys have received the top ratings possible from several legal rating agencies, which means we are a firm other family law firms respect and go to for advice. We use our working relationships with financial accountants, pension experts and other forensic specialists to identify and properly value all your property. We work to obtain agreements that help families succeed after divorce while always putting our client’s interests first.
Which property can be divided, and which assets can’t?
Marital property in Maryland includes all property acquired by either spouse during the marriage with the exception of:
- Gifts from non-spouses
- Inheritances from non-spouses
- Property excluded by agreement
Marital property does not include the property each spouse owned prior to the start of the marriage unless the spouses make a gift of the property (usually by retitling it) during the marriage.
We work aggressively to determine which assets are considered marital property. We don’t just rely on the memory of our client. We submit numerous written questions to the other party to have them identify anything and everything he or she currently owns or may be entitled to in the future. When necessary, we use private investigators. Our attorneys understand that a major part of the marital property disclosure process is obtaining a proper value on the worth of each asset.
How is marital property equitably divided in Howard County?
Our Fulton asset division attorneys explain that Maryland is an equitable distribution state regarding the division of assets in divorce. Under equitable distribution, marital assets are divided equitably or fairly as opposed to necessarily dividing it all down the middle in a 50-50 split as happens in community property states. There are many factors that must be considered that can shift the split to a fairer distribution, and they include:
- The age of each spouse
- Any health problems either spouse has
- How the property was acquired and whether any items are really non-marital property
- The length of the marriage
- The overall financial circumstances of the spouses
- Why the couple is getting divorced
- The contributions of each spouse to the ability of each to earn a living, to raising the children and to making a nice home
- If alimony has been awarded
What happens if one spouse dissipates assets?
The dissipation or wasting of marital assets occurs when one spouse spends marital assets for his or her own use without consulting the other spouse and for reasons that are not related to the marriage. For example, dissipation occurs when one spouse spends the money the couple had been saving for a down payment on a vacation home and instead uses it to take their paramour on a luxury cruise. Depending on how the assets were wasted and how much was spent, the court could consider it to be fraudulent. They would count the wasted assets as if they still existed when the marital assets are divided.
What we do to help with the division of assets
Identifying the assets, valuing them and determining how they will be divided is just the starting point in the process of dividing the marital assets. Where warranted, we work with financial experts, review your accounts, and analyze your retirement savings to ensure that all of your property is fully accounted for, and valued correctly.
In addition to addressing the assets, we are careful to determine exactly who is responsible for the marital debts. For example, if a home is sold and the money divided, then the mortgage is paid at the time of the sale. If one spouse keeps the marital home, then arrangements have to be made as to who is responsible for the mortgage. Use and possession orders may be a remedy to allow spouses and children to say in a marital home for a limited time.
Get help from a Maple Lawn and Fulton asset division attorney now
Gain peace of mind and the assurance you are working with highly respected family lawyers. At McCabe Russell, PA, our lawyers understand your legal rights. Through our extensive representation of spouses of all ages, heterosexual and same-sex couples, high-asset couples and those with few assets – we understand the practical and emotional issues of divorce in addition to the financial and legal ones. We are skilled at finding hidden assets and in working out just agreements. To speak with one of our four lawyers, please call us for a consultation by phoning 443-812-1435 or filling out our contact form.
8171 Maple Lawn Blvd
Fulton, Maryland 20759
Phone: (443) 812-1435