Catonsville Asset Division Attorneys Protecting Your Financial Future

Divorce is a major life change. Dividing the assets you built during your marriage can be one of the most stressful parts. You deserve a fair outcome. This is true whether your assets are simple or involve complex asset division.

At the Law Office of Kevin L. Beard, P.A., we serve Catonsville, Baltimore County and the surrounding communities of Maryland, including Baltimore City, Howard County, Carroll County and Anne Arundel County. Since 1987, we have represented clients through the challenging process of property and debt division. Our two property division attorneys offer the capability and experience of a large firm. We combine these with the personal attentiveness of a small one.

What Are The Differences Between Marital And NonMarital Or Separate Property?

The law distinguishes between two types of property: marital and nonmarital or separate property. Establishing which is which in your marital estate is one of the most important steps.

Marital property refers to nearly everything that you and your spouse acquired after getting married. Marital assets may include:

• The house
• Bank accounts
• 401(k)s and pension funds
• Vehicles
• Family businesses

Nonmarital or separate property is generally anything you owned before the marriage. It also includes gifts or inheritances given to only one spouse. A prenuptial agreement or postnuptial agreement can help define what is nonmarital or separate.

How Is Marital Property Divided In Maryland?

Maryland is an equitable distribution state, which means that family law courts divide marital property fairly, but not always equally. The court considers a variety of factors to determine an equitable distribution. When a judge must decide, they consider:

• The contributions of each person to the marital estate
• The value of all property interests
• The economic situation of each person
• The length of the marriage
• Any alimony or spousal support award
• Other factors the court deems necessary

The best way to retain control over your divorce settlement is to reach an agreement out of court. Our property division attorneys try to use negotiation and mediation whenever possible. We advocate for you as we seek a favorable deal. We are also prepared for litigation when needed.

Is Debt Divided In A Similar Manner To Marital Property?

It depends on whether the debt is marital or nonmarital.

Marital debt generally is subject to equitable distribution in a Maryland divorce. In most cases, debt acquired during a marriage is considered marital debt. This could potentially include things like mortgages, car loans and credit card debt.

Meanwhile, nonmarital debt, such as debt acquired prior to a marriage, is typically not subject to division.

We work to ensure fair debt division to prevent you from having to pay more than your share.

Discuss Asset And Debt Division Today

If you need a property division attorney, we at the Law Office of Kevin L. Beard, P.A., have the ability you require. Our goal is to make the divorce process clear and to protect your interests. Call our local number at 410-929-7197, call our toll-free number at 888-366-6439, or email us to schedule a free consultation.