Asset Division (Property Allocation/Retirement Pension)
Attorney in Annapolis, Maryland
According to the most recent Maryland Vital Statistics Annual Report, there were 10,031 total divorces statewide in 2020. Divorce is among the available options to end a marriage in Maryland. However, the divorcing couples must resolve various issues, including alimony, asset division, child custody, and support, before their divorce can be finalized. Couples who are unable to divide their assets amicably may turn to the Maryland family courts to handle the property division in their divorce.
If you are considering filing for divorce and trying to understand the property division process, you need to speak with an experienced Maryland family law attorney for reliable legal counsel. At the Law Offices Michael S. Rosofsky, we're dedicated to offering compassionate guidance and advocacy to clients in divorce and property division-related matters. Our experienced lawyer can represent you diligently in your asset division case and help protect what rightfully belongs to you.
The Law Offices Michael S. Rosofsky proudly serves clients across Annapolis, Maryland, and surrounding areas throughout Baltimore County and Anne Arundel County.
Marital Property vs. Separate Property in Maryland
Additionally, assets and property owned by married couples are categorized into separate (non-marital) property and marital property during a divorce.
Separate or non-marital property comprises all property and assets obtained, debts, and liabilities incurred by either spouse before the marriage. It also includes personal gifts, personal injury compensation, and third-party inheritances received by each spouse during the marriage. Essentially, the non-marital property will belong to who received or owned it.
Conversely, marital or community property comprises all assets, property, debts, and liabilities accrued by the spouses during their marriage. These include cars, marital homes, furniture pieces, second homes, jewelry, income, stocks, bank accounts, royalties, rents, retirement plans, credit card charges, and other assets or debt accumulated in the marriage.
Determining Asset Division
Depending on the surrounding circumstances and events leading to the marital dissolution, property division in Maryland may either be uncontested or contested.
In an uncontested asset division, both spouses mutually agree on the provisions and terms for dividing their assets and debts. All agreed-upon details will be properly documented in the marital settlement agreement. This is then filed with the family court for official approval. A trusted attorney can help protect your rights and keep the conversation focused.
In a contested asset division, both parties are not able to agree on one or more important provisions of the property division. The Maryland divorce court may be called upon to help resolve the disagreement. A court hearing will be scheduled where the judge will listen to arguments from both parties, review evidence, and issue a final decree. A dedicated divorce lawyer can help present your case intelligently and increase your chances of achieving the best available outcome.
What Factors Are Considered in Asset Division?
Maryland is an "equitable distribution" state. This means that marital assets must be divided equitably and justly under all circumstances. According to Maryland law – Maryland Family Law Section 8-205(b) – the court shall consider the following factors to determine equitable property division:
the duration of the marriage
each spouse's nonmonetary and monetary contribution to the family's well-being
each spouse's economic situation at the time of the divorce
the age, health, mental, and physical health of each spouse
when and how the marital assets were acquired
whether the court awarded the family home to either spouse
whether the court awarded alimony or other domestic support to either spouse
any other factor considered necessary by the court
A dedicated Maryland asset and retirement pension division attorney can guide you through the legal procedures involved and help you navigate crucial decisions when dividing your marital property and retirement assets.
Dividing Retirement Assets
Furthermore, retirement assets are distributed just like how other marital assets are divided in the divorce. Both spouses can mutually agree to the division. However, if they're unable to reach an agreement, the Maryland divorce court will step in and help divide the retirement assets and pension in accordance with applicable state laws.
Work With an Experienced Family Law Attorney
Division of property is among the most contentious divorce issues, and it is often fiercely contested. Distinguishing between marital and non-marital property and distributing assets can present various challenges. Therefore, retaining an experienced family law attorney is imperative for detailed guidance and to help protect your rights.
At the Law Offices Michael S. Rosofsky, we're ready and poised to support and guide clients through the complicated procedures involved in property division. Our dedicated lawyer can help identify marital property, divide retirement accounts, and evaluate business assets. Also, we will work diligently with all parties involved to achieve a fair division of assets and help you move forward quickly. Reach out today for support.
Asset and Retirement Pension Division Attorney in Annapolis, Maryland
If you need proper guidance with asset and retirement pension division in your divorce, contact us at the Law Offices Michael S. Rosofsky today to schedule a simple consultation. Our attorney can offer you the knowledgeable legal guidance you need to make intelligent decisions in your divorce and asset division matters. We're proud to serve clients across Annapolis, Baltimore County, and Anne Arundel County, Maryland.