EQUITABLE DISTRIBUTION OF ASSETS
Property division is often a hotly debated topic. Even in an uncontested divorce, deciding who will retain which items can cause normally civil individuals to lose their composure. It is important to note that not all property is necessarily divided 50/50 in a divorce. To determine the appropriate balance, enlisting the assistance of an experienced family law attorney can be helpful.
At the law office of Joel W. Anders, we have over 40 years of experience helping family law and divorce clients determine what constitutes marital property. Our office represents individuals in Washington, D.C. and the surrounding Maryland communities. Call us for a free initial consultation: 202-466-4334.
WHAT IS MARITAL AND NONMARITAL PROPERTY?
Both the District of Columbia and Maryland recognize equitable division of property. That means that all marital property acquired during the marriage is divided equally, unless that division would be unfair for some reason. Distinguishing marital property from nonmarital property, however, can be challenging. Generally:
- Marital property includes all wages earned during the marriage, as well as items purchased with that money. By the same token, most marital debt is considered joint debt.
- Nonmarital property includes gifts, inheritances and certain pension plans.
When items are purchased with a combination of marital and nonmarital finances, the situation becomes more difficult. We can help you deal with the intricacies of dividing your assets, including answering specific questions about 401(k) accounts and other retirement funds. Remember, if you fail to divide your property and marital debt between yourselves or with an attorney's help, the court will do the task for you without your input.
CONTACT AN EXPERIENCED PROPERTY DIVISION LAWYER
To discuss how we can help you with property division or another family law matter, contact us online or call our office at 202-466-4334. We offer complimentary initial consultations.