Marital Property Distribution in Owings Mills, MD
Specializing in Family Law and Marital Property Distribution
Navigating a divorce is rarely easy, even if you’ve done everything right with a prenuptial agreement. When it comes time for marital property distribution, be sure to have an experienced attorney on your contact list. The team at the Law Office of Kent L. Greenberg specializes in a range of family law matters, and we’ll make sure you understand the ups and downs of distributing shared property at the end of a marriage. Our attorneys based in Owings Mills, MD are proud to have helped so many people successfully resolve divorce issues.
What Is Considered Marital Property?
Marital property is any physical or monetary assets acquired during a marriage. However, this is a vague definition that allows for lots of gray areas. Some property acquired during a marriage may be deemed non-marital under certain circumstances. This means that any non-marital property is not subject to equal distribution. In general, marital property does not include anything acquired before marriage or assets isolated from joint accounts. Examples include:
- Real estate purchased while single
- Funds kept out of joint bank accounts
What Is Equitable Distribution of Marital Property?
At the end of a marriage, the equal distribution of marital property is necessary. During this process, you, your former partner, and your attorney will tally up all shared assets. From there, those assets will be divided among the two parties. Many states allow for a 50/50 split, but others do not assume that each party is entitled to half the assets. An experienced attorney will walk you through the details of determining marital property and dividing it equally.
What This Means for Maryland Residents?
Maryland is an equitable distribution state, which is to say that the law does not assume that each former spouse is entitled to half of all marital assets. Instead, the law strives for a “fair” distribution of marital assets. Lots of factors will affect what “fair” means in this case. For example, if one spouse is considered at fault for the divorce (unfaithfulness, abuse, or another clear reason to end a marriage), they may receive less property than the other. Other factors that may play a role in the division of assets include:
- Each spouse’s access to non-marital assets
- Financial contributions during a marriage
- Education levels
- Length of the marriage
- Health of each party
- Living standards
- Each spouse’s amount of income
- Type of property being divided
- How property division will affect tax liability
Get Legal Advice From the Law Office of Kent L. Greenberg
If you’re going through a divorce, be sure to get a seasoned legal team on your side. The staff at the Law Office of Kent L. Greenberg can help you and your former spouse better understand the equal division of marital property. We can advocate on your behalf if you believe certain assets should not be counted as marital property as well. With just a quick call to our friendly team, you can set up your no-obligation, free case review. Contact us today to take the first step.
Why Choose Kent L. Greenberg?
- Seasoned Litigator with over 30 Years of Experience
- Providing Thorough & Honest Analysis on Every Case