Fighting For A Fair Division Of Property
When one household is divided into two, people feel insecure. Each side fears being impoverished by the division of property, which splits marital assets into two fair and equitable parcels. The lawyer you choose to work with can make a big difference. Property division during a Maryland divorce requires great professionalism, great skill and great consideration.
These are the qualities our attorneys exemplify at Reinstein, Glackin & Herriott, LLC.
Understanding Maryland Property Division Law
Maryland property division law distinguishes between marital and separate property. Marital property includes all earnings acquired during the marriage and all property obtained with those earnings. It also includes marital debt. Separate property is all assets acquired before the marriage. It would include gifts and inheritances granted to one spouse only, and property bought with premarital or nonmarital funds.
Our firm is respected for its excellence in managing a host of property division issues, including:
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Home and real estate: We handle the marital home, vacation homes or other properties, deciding whether to sell or assign ownership.
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Business or professional practice: We value and divide businesses or professional practices, like medical or law offices.
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Retirement plans and pensions: We split 401(k)s, IRAs, and pensions (federal or military), often using special orders called QDROs.
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Investments and financial accounts: We divide stocks, bonds, and bank accounts, ensuring fair value and tax planning.
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Personal property and collections: We split valuable items like art, jewelry, or collectibles, which may need appraisals.
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Marital debt: We assign shared debts, like mortgages or credit card balances, to keep responsibilities fair.
By helping you manage these assets and debts, we facilitate an equitable division that maximizes your financial benefits.
The Importance Of Asset Tracing In Property Division
Asset tracing is key in complex or high-value divorces. Our attorneys carefully track where assets came from to decide if they’re marital or separate. For instance, if one spouse says a shared investment account came from premarital money, we check financial records to confirm this. This process prevents disputes over valuable assets, like real estate or retirement accounts. It also uncovers hidden assets, ensuring no one unfairly benefits from the division. As a result, accurate tracing ensures a fair and clear division, following Maryland law.
How Child Custody Impacts Property Division
Child custody can affect how assets are divided. Courts focus on what’s best for the children, especially when it comes to the family home. For example, the parent with primary custody might keep the home to provide stability for the kids. This choice may change how other assets, like savings or investments, are split to keep things fair. Custody costs, like child support, can also reduce available funds. Our attorneys work hard to balance these factors, ensuring a fair outcome that supports the children’s needs and both parents’ financial stability.
Looking For An Equitable Distribution Of Property With Positive Tax Advantages?
Contact our team at Reinstein, Glackin & Herriott, LLC, by calling our Annapolis office at 301-850-7349. Conveniently located at the intersection of Routes 50 and 301/3.