Marital property division can be quite stressful and complex matter, especially if you do not have the required experience to accomplish a favorable outcome. When it comes to property division matters in Baltimore, there is one name you can rely on – Baumohl Hamburg. By choosing our family law firm, you gain a dedicated team of Baltimore property division lawyers that will smoothly guide you through the entire marital property allocation process. We’re here for you. Our caring team offers a full range of tailored services to help you through this tough time, from evaluating assets and negotiating settlements to representing you in court. We are the experts you need to navigate high-net-worth divorce with precision and care.
Our team of highly skilled attorneys specializes in property division during divorce or separation in Baltimore City and Baltimore County. We are a small, boutique-style law firm with over 75 years of combined experience in Maryland’s family laws, and our main goal is protecting your rights and your interests.
You can count on us to provide compassionate legal counsel, transparent and honest communication, and absolute professionalism.
We work to relieve the stress involved with the asset division, enabling you to move forward confidently and calmly.
The Difference Between Marital and Non-Marital Property
Marital property is any property held jointly or which is obtained during the marriage, no matter whose name is in the title.
Marital property that will become part of property settlement can include:
- Real property (house, land, other real estate)
- Bank accounts
- Pension and retirement accounts
- Investment accounts
- Business ownership interests
- Stocks and bonds
- Personal property
- Cars and other vehicles
Non-marital property, on the other hand, is not subject to division in divorce or separation.
- Obtained before marriage
- Inherited
- Gifted to one spouse
- Exemption: items from prenuptial agreements
Dividing property and assets tends to be quite complex. If you want to protect your rights properly, do not hesitate to hire a powerful family law attorney to represent you.
What Is Equitable Distribution of Property?
In Maryland, marital property is divided according to the equitable distribution regulation. It means that the court has to divide marital property fairly and equitably, but not necessarily evenly. The court rules final decision based on various factors, presented evidence, and attorneys’ arguments.
How Is Marital Property Divided in Maryland?
Maryland court property division orders are made based on the equitable distribution principle. The judge has to distribute the assets fairly and equitably between the parties. This process typically involves several steps:
- Identifying which property is marital and which is nonmarital
- Assessing the value of marital property
- Considering various factors before making a decision
- Often granting monetary awards to balance out the distribution between the spouses
Factors That Determine the Distribution
When deciding on which spouse is entitled to what share of the marital property, the judge takes into account many elements. This may impose a lot of stress on both parties and any children involved. To alleviate the stress and reach a favorable agreement, it is highly advisable to consult with an eminent divorce lawyer from Baltimore – Baumohl Hamburg.
Some of the factors taken into consideration by the judge are:
- Monetary and non-monetary contributions of each party to the well-being of the family
- Property interests’ values
- The financial condition of each party
- The circumstances which played the part in the estrangement of spouses
- The duration of the marriage
- The age and physical and mental condition
- How and when marital property was acquired
- Any award or other court provision regarding the use of personal property
If you and your spouse cannot reach an agreement regarding the property division, then the Court of Maryland will decide for you. The judge will take into consideration all of the elements to allocate property equitably.
Property Division Agreements
Spouses can also draft property division agreements outside of court. A Property Division Agreement should be used if you and the other party have property or financial issues to sort out. If properly created, it can be a cost-effective solution to property division disputes.
Keep in mind that Maryland is “equitable distribution” state, meaning allocating the property and assets is based on the needs of each spouse and the facts of the case.
Marital Property Division for High-Net-Worth Couples in Baltimore
Every separation or divorce has its own challenges and drawbacks. However, legal termination of high-net-worth marriage is considerably more complex due to the intricacies of asset structures. Generally, high-net-worth couples divorcing encounter distinctive difficulties regarding marital property allocation. For example, determining what belongs to whom can take quite a lot of time and effort. Working with seasoned attorneys like Baumohl Hamburg can alleviate many concerns and worries and ensure a safe financial future.
Common issues of high-asset divorce are:
Division of complex assets
One of the biggest challenges of the separation or divorce of high-net-worth couples is determining how to dispense all the assets. In Maryland, these marital property resources may have to undergo expert evaluation before being equitably divided.
The assets might include any of the following:
- multiple real estate properties (residential and commercial properties, land)
- family business or professional practice
- investment portfolios.
Prenuptial agreements
A prenuptial agreement will be taken into account when allocating property in the event of a divorce. A careful review of the terms will help you understand how it will impact your divorce. Prenuptial agreements usually have details regarding how different properties will be distributed. Furthermore, they may also include information on which property is marital and which one is not. Baumohl Hamburg divorce attorneys have the necessary skills and qualifications to assure proper drafting and enforcement of the prenuptial agreement, thus achieving the best possible outcome for you.
Alimony and property division
When distributing the assets, the court in Maryland will also consider the spousal support amount in instances where one spouse is financially dependent on the other.
Tax implications
Tax implications are typically a big issue in high-net-worth marriage dissolutions. For instance, if one party is granted a large share of pension and retirement account, they will be taxed significantly for early withdrawals. Hence, it is highly advisable to seek assistance from financial experts while negotiating a divorce settlement, to make sure that these tax implications are included in marital property dispensing.
Types Of Divorce Appeals in Maryland
If you are displeased with certain decisions made by the trial court in Maryland, you have the right to appeal against the decision. An appeal is a legal process of revising trial court decisions by a higher court.
It is also important to understand that the appeal process can be quite costly and time-consuming. By hiring Baltimore family law attorney who has a wealth of experience in appellate procedures, you will be smoothly guided through the entire process. You will also be able to make educated decisions regarding your future after the divorce.
Some of the divorce appeals available in Maryland are:
Interlocutory appeals
An interlocutory appeal is an appeal of a non-final order issued by the trial court. When it comes to a divorce or separation, interlocutory appeals include child custody, alimony, child support, or equitable distribution.
Final judgment appeals
This is an appeal of the final decision or decrease in the divorce case, such as division of property, child support, and alimony.
Appellate court review
The appellate court revises and analyzes lower court’s decisions for abuse of discretion or legal errors. Appellate Court of Maryland may:
- affirm the trial court’s decision
- reverse it
- remand the case back to the trial court
- dismiss (improper filing)
Certified Questions of Law to the Supreme Court of Maryland
Sometimes, the appellate court may request a certified question from the Supreme Court of Maryland, which is Maryland’s highest court. Certified questions help decide on important legal matters that have not been previously decided.
Please do not hesitate to contact us. We typically reply within 24 hours!
Why Hire Baumohl Hamburg Divorce Layers in Baltimore
We pride ourselves on a proven track record of accomplishments and compassionate counsel in sensitive family matters. Our reputation and professional success are based on:
- Honest and transparent approach
- 75 years of combined experience in family law
- Boutique-style personalized service
- Fierce negotiators
- Aggressively protecting client’s rights
- Portfolio of favorable outcomes
- Specializing in high-net-worth divorce
Helping You Acquire a Favorable Ruling in Property Distribution Disputes in Baltimore
At Baumohl Hamburg, we are there for you through every step and every legal matter that accompanies the end of a marriage chapter. We’ve built a strong reputation as the go-to divorce attorneys thanks to our caring approach. Our team is here to help divide property, sort out child support, and guide you through high-stakes divorces. We handle all the legal stuff that comes with ending a marriage, so you can focus on moving forward. Give us a call at (443) 940-2000, or send an inquiry by filling out the form.