Eldersburg, Maryland, Property Division Lawyer Serving The Baltimore Area
With more than 35 years of experience, attorney Leo J. Keenan III is skilled at handling the negotiation and/or litigation of asset and complex property division matters.
Understanding Property Division Under Maryland Law
Unlike in community property states, the Maryland property division process follows the principle of equitable distribution. This means marital assets are divided fairly but not necessarily equally. The court will look at a range of factors when determining how to allocate property between spouses.
Under Maryland law, “marital property” refers to assets acquired by either spouse during the marriage, regardless of whose name is on the title. However, certain items may be excluded from marital property and deemed separate.
Examples include gifts or inheritances received by only one spouse and property acquired before marriage that has not been mingled with marital assets. These exclusions must be clearly documented to avoid being included in the division process.
Courts serving Eldersburg and surrounding counties apply these principles consistently, evaluating each case on its unique circumstances. Factors like the length of marriage, each spouse’s financial and nonfinancial contributions and future earning potential may influence the outcome.
A skilled Eldersburg divorce law attorney can help ensure your interests remain protected throughout this process.
What Assets Are Subject To Division In A Maryland Divorce?
When dividing property, Maryland courts assess all marital assets and debts to reach a fair resolution. Understanding what qualifies as marital property and is thus subject to division is essential for protecting your financial future.
Common marital assets in Maryland divorces include:
- The family home: This may be jointly titled or held in one spouse’s name but is still subject to division.
- Retirement accounts: Pensions, 401(k)s and IRAs are often considered property division assets and may require a qualified domestic relations order (QDRO).
- Business interests: Ownership stakes in family-run or closely held businesses are evaluated for fair distribution in equitable distribution.
- Vehicles: Cars, trucks and recreational vehicles like boats acquired during the marriage are typically counted as marital property.
- Investments: Stocks, bonds and mutual funds may be divided between spouses based on current value and contribution history.
A knowledgeable Eldersburg property division lawyer can guide you through complex issues such as dividing retirement accounts in a Maryland divorce.
Some of the types of assets and property that may be subject to division, under the laws of equitable distribution, include:
- Homes and vacation properties
- Cars and motor vehicles
- Qualified pensions and 401(k) retirement plans
- Stock options and deferred compensation
Valuation And Division Of A Family Business Or Professional Practice
When a couple is in business together, it complicates the property division aspect of the divorce as the question of how the business is to be divided must be answered. When attempting to determine the value of a business for division, Mr. Keenan relies on the expertise and knowledge of business valuation experts to ensure that the proper value is attached. By ensuring that the proper value is placed on the business, we can take the necessary steps to see that you receive your fair share of the business or are compensated for the portion of the business to which you are entitled.
To further discuss your property settlement, marital asset division, business valuation or other divorce issue, schedule a free initial consultation so you can speak with Mr. Keenan personally about the details of your case. Weekend and evening appointments may be available. The firm has access to Spanish translation.