Concerned about receiving a fair distribution of property in your divorce case? Coover Law is here to help. Call today (410) 553-5042
Our Howard County property division lawyer knows that the distribution of marital property is one of the most significant issues that must be decided during a divorce. If circumstances change, domestic relations orders for custody and support can often be modified after the divorce. Still, the Court’s final judgment regarding property distribution is not usually changed.
It is essential to be well-represented during the divorce by a Howard County property division attorney experienced in Maryland family law and dissolutions involving high net-worth couples or complex asset structures.
The Coover Law Firm in Columbia provides advice and representation in domestic law in Howard County and beyond. We ensure you are well-represented in the property settlement and receive your fair share of the marital estate.
What is Maryland Marital Property Law?
Maryland is an “equitable distribution” state instead of a “community property” state. The Judge’s job in a divorce proceeding is not to divide the marital property equally between the two parties but to ensure an equitable or fair distribution.
Equitable distribution does not always mean equal distribution, and the property division in a Maryland divorce is not always 50/50. The Court considers a variety of factors in deciding what a fair distribution would be, including:
Length of the marriage
Age, health, skills, and abilities of each spouse
Amount of separate property owned by each spouse
The relative ability of each party to acquire property in the future
Who has current use and possession of the home or other property
Contributions each made to the education or earning power of the other
Contributions each made to the marital property
Existing premarital and post-marital separate property
Financial conditions of each party
Tax consequences of a distribution
Marital misconduct or other factors the Court deems appropriate to consider.
The Court only divides marital property, all acquired during marriage, including either spouse’s income. Separate property is property acquired before or during marriage through gift or inheritance solely to one spouse. However, there are many ways that assets can be co-mingled, and separate property can become marital property and subject to distribution.
It’s important to remember that debts and assets are considered and distributed in a divorce, so it is equally important to identify any debts as marital or separate property.
What Are Examples of Property That May Be Subject to Division?
Regardless of who paid for it, all property obtained during the marriage will be considered marital property, which can include:
Real estate
Bank accounts
Investments
Furniture
Pensions and retirement assets
Cars
Other personal property.
It’s important to note that any money held in a bank account during a marriage may be subject to division, even if it is individually titled.
Property received by a spouse as a gift, inheritance from a third party, or property excluded by an agreement is not considered marital property; all of these are non-marital property. If you have more questions about non-marital property, consult a Howard County property division lawyer.
What is A Monetary Award in Divorce?
In divorce terms, a monetary award is a court order for one spouse to pay money to the other. Remember that Maryland is an equitable distribution state, so monetary awards are designed to ensure that what each spouse takes from the marriage is fair, based on the circumstances.
For example, if the Court awards one spouse the family home, they might be required to pay the other spouse, especially if a significant portion of the couple’s assets are in the house.
How Are Retirement Assets Divided in Maryland?
Under Maryland divorce law, all retirement account contributions are considered marital property, subject to division. The spouse may contest this division by proving that the property predates marriage.
In Maryland, retirement assets can only be divided through a particular order called Qualified Domestic Relations Order (QDRO, pronounced “quad row”). This is one specific type of court order that recognizes the right of an “alternate payee” to receive all or part of a retirement or pension plan belonging to another person (known as the “participant”).
In a QDRO, the retirement or pension plan will be divided between the participant and the alternate payee. The alternate payee could be:
The spouse or former spouse of the participant
Child or other dependent of the participant.
Retirement and pension division can be confusing and, occasionally, a bitter topic of contention. Call a Howard County property division lawyer at Coover Law Firm today for the best result in your divorce proceeding.
The distribution of marital property can become very complicated when the couple has a complex financial situation or when one spouse tries to hide assets or misstate their character or value. It is vital to a fair settlement that every piece of property is located, correctly identified as marital or separate, and accurately valued.
At the Coover Law Firm, we help in even the most complicated situations, such as when one spouse is self-employed, owns a business, has an interest in a business, or when the marital estate involves stock options, vested or unvested pensions, and other financial matters.
Call Coover Law Firm, LLC, today to speak with a Howard County property division lawyer for advice and assistance in developing a property settlement agreement or representation in a Maryland Divorce Court.
Get Help Today From an Experienced Maryland Lawyer
Fred “Chip” Coover is a principled Howard County attorney who is well versed in the area of divorce law. Intelligence and integrity are attributes that best describe him. He is an ethical and truthful attorney who provides good counsel and has the uncanny ability to anticipate actions of opposing attorneys. When new situations warrant, he is willing and eager to educate himself so that he is able to best represent his clients. Chip Coover is a true gentleman in an arena where straightforward behavior is often absent.
