Our Towson Asset Protection Lawyer Will Protect Your Marital Property
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The Categorization of Marital and Non-Marital Property in Maryland.
As an experienced asset protection lawyer, Amar S. Weisman can help you exit your marriage with your financial future intact. The first step of asset protection is to differentiate marital and non-marital property as defined by the Marital Property Act. It says marital property includes whatever was acquired during the marriage however titled. As opposed to title, the Family Law Article focuses on timing. The big question: was this property acquired after the wedding? If the answer is no, the question shifts a little bit: even if the asset was not acquired during the marriage, did it acquire additional value during the marriage? As a general rule, unless you have a prenuptial or post-nuptial agreement, your property will be presumed marital until and unless you establish--through admissible testimony and corroborating authenticated documents--that you acquired the property as the result of a gift from a third-party or inheritance.
Examples of Marital Property That Are Common in Baltimore County
- The Marital Home that served as the principal residence of the parties prior to separation. The marital home can be marital even if it was acquired prior to the marriage to the extent in gained value during the marriage.
- Retirement Accounts. Retirement assets can be partially marital and partially non-marital. In Maryland, the Bangs Formula limits what is in the "pot" to the proportion of the retirement asset that was acquired after the wedding. The Bangs Formula, like almost all marital property analyses, is all about timing. How long did s/he work at the company and contribute to the retirement account before the wedding? After the wedding? For the calculation of retirement assets, the date of "separation" is usually meaningless.
- Vehicles that were paid for during the marriage. Like the marital home, vehicles can be partially marital and partially non-marital depending on how many payments were made before the wedding.
- Bank Accounts
- Household furnishings and electronics including antiques, art, china, clocks, computers, crystal, dining room sets, fine rugs, fitness equipment, furniture, knives, living room sets, outdoor furniture, power tools, silverware and sports memorabilia
- Personal Property
- Gold and Silver Coins
Call 410-321-4994 For a Free Consultation in Towson With Asset Protection Lawyer Amar S. Weisman.
If you are concerned about protecting your assets and property during your divorce, call The Law Offices of Amar S. Weisman at (410) 321-4994 to schedule a free consultation. If you decide to proceed with our firm, then you must pay a retainer. Please see our Policy on Fees and Costs.
Articles By Family Law Lawyer Amar S. Weisman
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