Divorce With Multiple Properties in Gaithersburg, MD
Divorce With Multiple Properties in Gaithersburg, MD
Getting divorced is never a simple process, but when your divorce involves high value assets such as multiple properties, everything becomes even more complicated. However, engaging the help of qualified legal professionals can revolutionize your experience when you divorce with multiple properties in Gaithersburg.
At Z Family Law, we understand the challenges you are facing, and we want to use our experience and skill to guide you on the path toward your new life. Additionally, we know that divorce is an emotional journey even when it’s the right decision, which is why we offer compassionate service that supports and uplifts you throughout the process.
If you are ready to get started, contact Z Family Law to schedule your free case evaluation.
Understanding Divorce With Multiple Properties in Gaithersburg
Maryland is an equitable distribution state. Equitable distribution means that your marital assets will be divided based on what the court decides is fair rather than what is strictly equal. The opposite would be a community property state, where property is divided strictly 50/50. However, in Maryland, you can make a case for how your assets should be divided based on your particular circumstances.
Only your marital property is subject to division. Marital property is defined as property you acquired during your marriage with some exceptions such as your personal inheritance. Separate property, on the other hand, is property you acquired prior to your marriage. Generally, your separate property is not subject to division. However, if your assets have been commingled, your separate property can become marital property. Speak with our team to ask about any specific properties whose status concerns you.
When you are going through divorce, it’s essential to contact a property appraiser to ascertain the value of your properties. By having your assets appraised, you can avoid unfair settlements since there will be no questions about the worth of your property.
In addition to the values of your property, you need to be aware of the implications of expenses. Mortgages and debts factor into the value of your assets and can affect how they are divided.
A Brief Snapshot of Your Legal Options
When you are deciding how to divorce with multiple properties in Gaithersburg, there are several options you might consider. Some potential avenues include:
- Selling Properties: If you and your spouse can agree that you do not want to keep a property, you can sell it and split the profits.
- Buyout: If one spouse wants to keep a property and the other does not, the interested party can pay the value of their spouse’s share in order to own the property outright. That spouse also has the option to trade another property to cover the value of the share.
- Co-Ownership: If you and your spouse do not wish to give up ownership of a property, you can agree to a co-ownership plan. Ideally, if your properties generate income, you can agree to co-ownership so that you can both continue to profit.
- Trading Other Assets for Balance: If one spouse wants to keep a property, they can agree to trade another asset that would equal the value of the property share. These assets do not necessarily need to be other properties.
Z Family Law Offers Thorough, Compassionate Divorce Guidance
At Z Family Law, we understand the challenges you are facing throughout divorce, and we want to help you reach the settlement that will benefit you as you open the next chapter of your life. If you are ready to get started, reach out for a free case evaluation and learn more about how we can offer you comprehensive guidance.
Frequently Asked Questions
Do I have to go to court in order to get divorced?
No. If your divorce is uncontested, meaning you and your spouse are in alignment on the terms of your divorce, you can settle out of court without the involvement of a judge (though you will still have to briefly appear in court for a short hearing to finalize your settlement and obtain a judgment of absolute divorce). However, we highly recommend every divorcing couple review their marital settlement agreement with a family law attorney before signing it, just to make sure you know what you are agreeing to!
How can I prove fault in my divorce?
If you want to allege some fault that led to the breakdown of your marriage such as adultery, abandonment, abuse, mental health issues, or substance addiction, you should do all you can to document the incident(s) including saving any kind of relevant communications such as texts or emails. Speak with our lawyers about your options, and we will begin the process of making a case for your interests.
Is Maryland a community property state?
No, Maryland is an equitable distribution state, meaning that any property acquired during the marriage (marital property) will be divided equitably but necessarily equally in a divorce.