Towson Property Division Lawyer
Deciding what to do with all the marital property, including both assets and debts, that a divorcing couple has acquired over the course of a marriage can be a daunting task. If the parties can’t agree between themselves on how to do it, then it’s up to the judge to hold a hearing and decide how to fairly divvy up the property. Lebovitz Law provides practical advice and insightful representation in this process. Our dedicated family law attorney can help you come up with a property settlement agreement that meets your needs. If an agreement can’t be reached, divorce attorney Richard Lebovitz is skilled in many ways of helping couples avoid or resolve conflicts through mediation, collaborative law, and other forms of dispute resolution. For help with property distribution and other matters related to your divorce in Baltimore County or Maryland statewide, contact our experienced Towson property division lawyer today.
Dividing Marital Property in Maryland
Maryland is what is known as an “equitable distribution” state when it comes to dividing up a couple’s marital property in a divorce. While courts often strive to divide the property as equally as possible, the overall goal is to distribute the property in a fair manner, which might or might not be entirely equal in a given circumstance. Many factors go into determining a fair or equitable distribution. The factors set out in Maryland law include:
- The contributions, monetary and nonmonetary, of each party to the well-being of the family;
- The value of all property interests of each party;
- The economic circumstances of each party at the time the award is to be made;
- The circumstances that contributed to the estrangement of the parties;
- The duration of the marriage;
- The age of each party;
- The physical and mental condition of each party;
- How and when specific marital property or interest in property was acquired, including the effort expended by each party in accumulating the marital property or the interest in the property;
- The contribution by either party of property to the acquisition of real property held by the parties as tenants by the entirety;
- Any award of alimony and any award or other provision that the court has made with respect to family use of personal property or the family home; and
- Any other factor that the court considers necessary or appropriate to consider in order to arrive at a fair and equitable monetary award or transfer of an interest in the property.
How Lebovitz Law Can Help
Family law attorney Richard Lebovitz is vastly experienced in helping divorcing parties resolve the outstanding issues in their divorces, including creating property settlement agreements that both parties agree to and that meet their needs. Even amicable divorces can become contested and hostile if the process of dividing marital property is allowed to break down. Lebovitz Law can help you stay on track and create a fair agreement that will receive court approval. In contested matters, we provide representation in courtroom hearings to ensure your interests are considered.
Marital property is defined in Maryland as any property, regardless of how it is titled, that was acquired by either party singularly or jointly during the marriage. By law, marital property does not include property that was:
- Acquired before marriage
- Acquired by inheritance or gift from a third party
- Excluded from the marital estate by a valid prenuptial or postnuptial agreement
- Directly traceable to a non-marital source
With over 30 years of experience in Maryland family law, attorney Richard Lebovitz and his team at Lebovitz Law can help you sort out the marital property from separate property, ensuring that every piece of marital property is included and accurately valued. Valuing property correctly is just as important to a fair distribution as identifying marital and separate property, and Lebovitz Law can help you through the process of valuing complex assets such as business interests or the marital share of a pension plan.
If the parties can’t agree on property division issues, the matter goes to the courts, where a judge will review the evidence and legal arguments from both sides and determine what assets are marital and separate and what their values are. The court can transfer ownership from one party to another as necessary for a fair distribution, including awarding the family home to the custodial parent when it’s in the best interest of the child to do so. Lebovitz Law provides passionate and effective advocacy inside and outside the courtroom in contested matters.
Contact Lebovitz Law Today
Lebovitz Law is here to help with issues of equitable distribution and other matters related to your divorce in Baltimore County or Maryland statewide. Contact our experienced Towson property division lawyer today.