Property Division

Working With a Rockville Property Division Lawyer: The Representation You Need in Maryland Divorce Cases

Dividing marital property and debt during a divorce can lead to conflict and uncertainty about your financial future. That’s why it’s crucial to have a trusted property division lawyer by your side, ensuring that you can confidently navigate the process.

At the Law Offices of Ellen L. Lee, we understand the importance of resolving financial and property issues in a fair and just manner. With extensive experience in family law, skilled negotiation and mediation skills, and a commitment to pursuing clients’ interests, attorney Ellen L. Lee is the divorce attorney you can rely on.

Our Rockville property division lawyer can help you with property, debt, and financial matters in divorce. Whether you have children, limited resources, high net-worth, high debt, complex financial holdings, or your spouse has contributed to your employability or career, we have the knowledge and experience to protect your interests.

When it comes to dividing marital property and debt in Maryland, you have two options: a marital settlement agreement or a court order. In cases where an agreement can’t be reached, the court will divide assets and debt based on equitable distribution. Our team will work tirelessly to ensure that you receive your fair share of the assets and that your financial future is protected.

Our goal is to maximize your share of the marital property. We will thoroughly analyze all assets, determine their value, and negotiate a settlement that takes into account your contributions to the marriage and your future financial needs.

Don’t navigate the complexities of property division alone. Contact The Law Offices of Ellen L. Lee today to schedule a consultation with our founding Rockville property division lawyer. Your financial future is too important to leave division of property to chance.

We Guide You Through Each of the Steps When Dividing Marital Property in Maryland

Dividing marital assets during a divorce can be a complex process. In Maryland, the courts follow a three-step approach to ensure a fair division. First, they classify each asset and debt as either marital or nonmarital. Then, a monetary value is assigned to each marital asset and debt. Finally, the assets and debts are divided in an equitable manner, which may not always lead to an even split.

Assets that are considered in the division process include properties, vehicles, savings accounts, investments, retirement plans, jewelry, furniture, and anything else of significant value.

Factors That Influence Property Division

In Maryland, the court takes several factors into account when determining an equitable division of property. These factors include:

• The financial and nonfinancial contributions made by both spouses
• The value of all property interests
• The economic circumstances of each spouse at the time of divorce
• The duration of the marriage
• The age, physical condition, and mental health of each spouse

Additionally, details such as how and when certain property items were acquired can also affect the division.

Navigating Complex Property Division

Dividing marital property in Maryland can be particularly challenging when complex assets or holdings are involved, such as family-owned businesses, professional practices, international investments, executive compensation and benefits, valuable artwork, or collectibles. In such cases, seek the assistance of an experienced property division attorney who can protect your rights and effectively seek a fair decision.

Our founding Rockville property division attorney has the requisite knowledge and experience to handle especially complex property division cases, including those involving high net-worth and/or financial dissipation analysis. We will work tirelessly to advocate for your fair share and protect your financial interests throughout the divorce process.

Which Assets Should Be Counted as Marital Assets for Property Division in Maryland?

In Maryland, the definition of marital assets is quite broad. When assessing the personal property you and your spouse hold, it is important for you to be able to distinguish between separate and marital property. Certain property items called separate property would stay with one spouse and not factor into the equitable division when dividing assets. According to the Maryland Marital Property Act, marital assets or property refers to all property that you or your spouse acquired during the marriage. This includes any type of property that came into possession while the couple was married, regardless of which spouse paid for it.

It’s important to note that Maryland operates under the principle of “equitable distribution” which means that in the event of a divorce, all marital property should be divided in a manner that is fair but not necessarily equal.

Some examples of common types of assets that would be considered marital assets in Maryland include the following:

• Homes: This includes the marital home and any other real estate properties purchased during the marriage. The family home is often a relatively high-value asset, so it typically plays a significant role in equitable distribution of other assets.
• Vehicles: Cars, boats, or other vehicles bought during the marriage constitute marital property.
• Furniture and Appliances: Items bought for the shared home during the marriage are considered marital property.
• Financial Assets: This includes bank accounts, retirement accounts, stocks, bonds, or other investments made during the marriage.
• Business Interests: If a business was started or grew during the marriage, it may be considered a marital asset.

However, there are exceptions, such as property acquired by inheritance or gift from a third party, which are typically considered separate property. Your experienced Maryland divorce lawyer can help you ascertain whether certain assets are marital or nonmarital property and how they will be treated under Maryland property division laws when it is time to divide property between yourself and your spouse.

What To Do If Marital Property Status is Unclear Because Property Ownership is Disputed or Due to Complex Assets or High-Net-Worth Divorce

Determining marital assets and their valuation can indeed become more complex when dealing with high net-worth individuals or disputed ownership of assets in Maryland. For high net-worth individuals, marital property often includes a diverse array of assets, including businesses, real estate holdings, retirement accounts, stocks, and other investments. These types of assets can be difficult to value due to their changing nature and the specific knowledge needed to assess their worth. For instance, the value of a business may fluctuate based on market conditions, reputation, or future earning potential.

Disputed ownership of assets also adds a layer of complexity. It’s not always straightforward to determine whether an asset is marital or separate property. This can be particularly challenging if one spouse owned an asset prior to marriage but the other contributed to its value during the marriage. In such cases, it’s often necessary to engage financial experts or appraisers to accurately determine the value of complex assets and forensic accountants to trace and identify all marital and separate property.

What To Do If You Believe Some Marital Assets are Missing or Are Not Being Represented Accurately

In Maryland, if a spouse suspects that marital assets are missing, inaccurately represented, or intentionally squandered or hidden, they can pursue a financial dissipation analysis. Dissipation refers to the intentional wastage or concealment of marital assets by one spouse without the consent of the other, often out of spite or in an attempt to reduce the assets subject to division in a divorce.

An offending spouse might seek to dissipate marital assets for several reasons. They might be attempting to reduce the amount of assets available for division in the divorce, thereby hoping to retain more for themselves post-divorce. Alternatively, they might be acting out of spite or anger, seeking to prevent the other spouse from seeking their fair share of the marital assets.

If you suspect dissipation, you should consult with a family law attorney who can help you engage a forensic accountant. An experienced financial dissipation analysis attorney can coordinate with financial professionals to analyze financial records to identify unusual transactions or changes in financial behavior that could indicate dissipation.

Seek the Help You Need Today — Schedule a Consultation with the Law Offices of Ellen L. Lee Regarding Division of Assets in a Maryland Divorce

If you are facing property division issues in your divorce, don’t navigate the complexities alone. Contact the Law Offices of Ellen L. Lee to schedule a consultation with our tenacious marital property division lawyer. We will guide you through the critical financial aspects of your divorce and fight for your fair share. Call us at (301) 279-0692 or complete our online form to begin protecting your property interests.

For a personalized information-gathering session, we offer three convenient options: an in-person meeting at our boutique law office in Rockville, Maryland, a video conference via Zoom, or a phone call. We understand your time constraints, which is why we have flexible scheduling, including evening and weekend appointments. We’re here to accommodate your needs.