Ellicott City Property Division Lawyer
When a couple gets married and lives under one roof, both individuals’ lives become intertwined. The longer the marriage lasts, the harder it might be to recall what property was brought into the marriage and what property should be considered marital property. Perhaps your spouse bought a fancy new car that you did not approve of. Even though you aren’t emotionally invested in the car, it was still purchased during the marriage, and is marital property. If you are preparing for a divorce, it is critical that you are aware of what assets are specifically yours and which ones are marital property. The experienced Ellicott City property division lawyers at Weinberg & Schwartz, L.L.C., can assist you in determining what property is marital property
What is Considered Marital Property?
According to Maryland Statute §8–201, marital property includes any property acquired by one or both of the spouses during marriage. This also includes any interest in real property where the parties are tenants by the entirety, unless that is specifically excluded, such as in a nuptial agreement. Examples of marital property include:
- Real estate;
- Bank accounts;
- Retirement assets;
- Other personal possessions; and
What is Not Marital Property?
Any property that an individual had prior to the marriage remains non-marital property unless it is specifically titled to the other spouse. If one party receives a gift or inheritance while married, that remains non-marital property. There are some assets that can be partially marital property and partially individual property. For instance, if one party owned a house prior to the marriage but both parties contributed marital funds towards paying off the mortgage, the house may be partially marital property.
Factors the Court Considers When Dividing Marital Assets
Maryland is an equitable distribution of assets state when it comes to divorce. This means marital property does not need to be split 50/50, but it does need to be distributed fairly when considering many factors of the marriage. Maryland Statute §8–205 outlines how the courts determine division of marital assets based on the following factors:
- How much each party contributed to the well-being of the family, both in financial contributions and non-financial contributions;
- The value of all property interests of each party;
- The economic stability of each party at the time of divorce proceedings;
- The length of the marriage;
- How old each spouse is;
- The physical and mental health of each spouse;
- The reasons that contributed to divorce;
- How the marital property was acquired and whether one party expended significant effort to acquire it;
- How much one party contributed to paying for real property that is jointly owned; and
- Any award of alimony or similar award.
Contact an Ellicott City Property Division Attorney Today
If your marriage is ending, it is important you consider your future and what marital assets will remain your property after divorce. The experienced Ellicott City property division attorneys at Weinberg & Schwartz, L.L.C., can assist you in determining what property is marital property, individual property, or partially marital property. We also advocate for your best interests in court if you and your spouse cannot come to an agreement about division of assets during the divorce. To learn more, contact our offices at 410-997-0203 to schedule a consultation today.