Divorce With Multiple Properties in Potomac, MD
Divorce With Multiple Properties in Potomac, MD
Divorce, in addition to being an emotional and stressful period, can also be complex and time-consuming. When you divorce with multiple properties in Potomac, the complexity of the process only multiplies. However, with the right legal care, you can overcome the challenges of divorce, defend the assets that are important to you, and create the groundwork for the life you have always dreamed of living.
At Z Family Law, we offer compassionate service in addition to thorough knowledge based on our experience helping others like you. We help walk you through your legal options so you understand the strategies that can help you take control of the divorce narrative and fight to retain the assets you have worked hard to build. Whether you need help determining how your properties are valued, or figuring out who bears responsibilities for mortgages and debts, we can help!
We offer free case evaluations, so reach out today to get started.
Divorce With Multiple Properties in Potomac: What You Need to Know
When you are going through divorce with multiple properties in Potomac, the first and most fundamental aspect you need to understand is the principle of equitable distribution. In Maryland, property is divided according to what is determined to be fair rather than what is strictly equal, meaning that your assets will most likely not be divided 50/50.
Any marital property that you own with your spouse will generally be subject to the equitable division process. Typically, marital property is defined as property obtained during the marriage, with certain exceptions such as gifts and inheritances. Debts, as well as assets, can fall into the category of marital property. If certain properties were obtained before your marriage, they may be considered separate property and should not be subject to division, except in cases where they have been in some way commingled with marital property.
Determining the value of the property is an essential step in resolving the issue of asset division. A professional appraiser can help you determine the fair market value of your properties, which means that there will be no discrepancies when it comes to dividing your properties. The appraisal process can also help you determine the responsibilities of financial ownership for each property so that you can be aware of issues such as debts and mortgage payments.
Understanding Your Legal Options For Property Division
Depending on aspects such as whether or not your properties are marital assets, the financial obligations they entail, and their value, there are several legal options for property division. These options can include:
- Selling Properties: If you and the spouse are both fine with the property being sold, you have the option to do so and split the profits.
- Buyout: If, on the other hand, one spouse wants to retain a certain property, they can pay you the value of your share in order to do so. Alternatively, they might trade you another property that would equal the value of your share.
- Co-Ownership: If neither spouse wishes to give up ownership of the property, they might agree to co-own it. This solution can be ideal for properties that generate income, such as rentals.
Trading Other Assets for Balance: Finally, if one spouse wants to keep a certain property, they might trade another asset that is equal in value to the other spouse’s share, such as a vehicle or a retirement account.
Trust Z Family Law With Your Divorce Needs
At Z Family Law, we pride ourselves on providing compassionate service and outstanding support both inside and outside the court. We take a 360-degree approach to our services, helping you through the legal, emotional, and financial aspects of the divorce process so you can successfully enter the next chapter of your life. If you are divorcing with multiple properties, we can thoroughly acquaint you with your legal options. Reach out today for a free case evaluation to get started!
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.