Divorce With Multiple Properties in Rockville, MD

If you are going through divorce with multiple properties, you will likely experience a more complex asset division process than is the case with typical divorce. Whether these properties serve as your primary residences, vacation homes, rental properties, or investment properties, they will be important elements in the divorce proceedings.

At Z Family Law, we can guide you through the realities of divorce with multiple properties in Rockville. We can help you understand how your properties are valued, how you can determine who is responsible for any existing mortgages or debts, and how these properties can be equitably distributed according to Maryland law. Call today to schedule a free case evaluation!

What You Need to Know About Divorce with Multiple Properties in Rockville, MD

There are many key steps and considerations when it comes to divorce with multiple properties in Rockville. Whether or not you will have to divide your properties depends on the principle of equitable distribution, which dictates that your marital property will be divided fairly rather than strictly 50/50.

Marital property is defined as assets acquired during the marriage with some exceptions such as gifts and inheritances. If you bought one of your properties during your marriage, it may be considered marital property - that is, it’s owned by both you and your spouse, and you both might have a claim to it during your divorce. Property acquired before your marriage, on the other hand, would likely belong solely to you and may not be subject to division.

If your properties are determined to be marital properties, one essential step is establishing property valuation to determine their fair market value. Hiring a professional appraiser is critical to ensure all properties are accurately assessed, especially when dealing with unique assets like vacation homes or rental properties. When you are able to accurately determine the value of your property, you are more likely to get a fair division.

One final consideration for fairly dividing properties is considering the impact of mortgages and debts. If one spouse is awarded certain properties, they may also take on the responsibility of the mortgage payments, property taxes, and maintenance costs.

Legal Options for Dividing Properties in Rockville

Depending on how your properties are valued and whether or not they are marital assets, you may have to look into options for dividing your properties. Some options include:

Selling Properties: One option is to sell your properties and split the proceeds with your spouse. However, if one spouse wants to maintain ownership of a specific property, such as a family home, you might have to explore other options.
Buyout: On the other hand, if one spouse wishes to keep a property, they may offer to buy out the other spouse’s share. That spouse might choose to pay the value of the property or trade another property to balance out the value.
Co-Ownership: If both spouses wish to keep the property, they may agree to maintain joint ownership. This option might be ideal for vacation homes or properties that generate income.
Trading Other Assets for Balance: In order to keep a property that is important to you, you might choose to trade other assets such as a retirement account. It’s important to maintain trades that constitute a fair division of assets.

Z Family Law Can Help You Divide Your Properties and Guide You Through Divorce

Navigating divorce is not easy, but divorce with multiple properties in Rockville requires an exemplary knowledge of family law. At Z Family Law, we can work for your assets to be valued and divided fairly. We care about your needs throughout the divorce process, which is why we work with you closely to understand the assets that are important to you and guide you through how to protect them.

If you are ready to get started pursuing the next chapter of your life, reach out to schedule a free, no-obligation case evaluation and learn more.

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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.