What Is The Difference Between Marital And Non-Marital Property?
Marital property is property that is obtained during the course of a marriage regardless of who paid for it. Marital property can include: real estate, bank accounts, stock, furniture, pensions, retirement assets, and cars.
Non-Marital property is typically any property obtained prior to the marriage, inherited, or excluded by agreement. Typically, non-marital property remains the sole property of one spouse as long as it was not gifted or titled to the other spouse during the marriage. If one spouse wants to claim particular items as their own, they would need to provide proof that the property in question belongs to them exclusively.
Division Of Property In Maryland
Parties may come to an agreement on how to divide their property without the court’s assistance. If they do not have an agreement in place, Maryland’s Marital Property Statute is enforced and marital property may be subject to equitable distribution. The court typically will not transfer ownership of certain property titled to one spouse to the other.
Making A Claim For Property Division in Montgomery County, Maryland and Prince George’s County, Maryland
If the parties cannot agree on how to divide the property, the court can decide what is marital property and its value. In its determination of value, the court may consider:
- Any marital debts
- Each spouse’s share of the property
- The monetary and non-monetary contribution (child care, home maintenance etc.) of each spouse to the marriage
- The economic circumstances of each spouse at the time the award is to be made
- The age and physical and mental condition of the parties
- How and when the property was acquired, including the effort expended by each party in accumulating the property
If property cannot be divided, such as a house, the court may decide the value and the parties involved may have the option to buy out the other person or the asset may be sold and the funds divided. Trying to navigate the divorce process by yourself can be overwhelming, seek an experienced divorce attorney to ensure you are on the right track.
Contact Our Experienced Maryland Family Law Attorneys Regarding Your Divorce case in Montgomery County, Maryland and Prince George’s County, Maryland
If you have questions or concerns about property division, please contact the Law Office of LaSheena M. Williams, LLC today. You can reach attorney LaSheena M. Williams at (301) 778-9950 or by leaving an online request for a consultation.
Our firm fervidly represents clients across Rockville, Bethesda, Gaithersburg, Silver Spring, Takoma Park, Chevy Chase, College Park, Cheverly, Greenbelt, Oxon Hill, Hyattsville, Upper Marlboro, Largo, Bowie and surrounding communities.
