Who Gets the House in a Divorce?
Many people believe that during a divorce, the division of property means a 50/50 division of all marital assets and debts. Maryland courts consider many factors when determining which party receives certain assets and debt gathered before and during the course of the marriage.
Maryland is an equitable property state. This means that the division of debts and assets need to be fair, but not necessarily equal. Some parties may receive more than the other may when the final division is completed.
As a Maryland family law attorney, Dwight W. Clark,, can help identify which of your assets are subject to division. We offer quality and affordable legal assistance. For an initial consultation, contact us online or Call 888-523-6081.
Determining What is Marital and Non-Marital
Not all property is considered marital property for the purposes of division during a divorce. The Marital Property Act defines what is and is not marital property. This act can help you determine who gets the house in a divorce. When filing a joint marital property statement, parties each provide information that comprises three areas:
- Property that both parties agree is marital property, such as a savings account
- Any property both parties agree is not martial (inheritances and personal property acquired before the marriage, for example)
- Disputed property, such as retirement funds or business assets
When individuals of high-net worth decide to divorce, the complexity of dividing property increases. Co-mingled investments, homes purchased together, and business ownership all make the determination difficult. The lawyers at the Law Offices of Dwight W. Clark, LLC have experience in handling complex asset division. We devote the time necessary to trace non-marital funds accurately.
Minimizing Your Three Largest Expenses
In any divorce, individuals have three expenses to consider: money, time and emotions. Our job at the Law Offices of Dwight W. Clark, LLC is to help you minimize these costs. Our efficiency and skill will help you keep those expenses to a minimum. Contact the Law Offices of Dwight W. Clark, LLC to speak with a lawyer about asset or property division in your divorce. Call 888-523-6081.
