One of the primary duties of an experienced divorce lawyer is to safeguard a client’s assets throughout the divorce process. The assumption in Montgomery is that the common property or marital assets possessed by both spouses would be divided fairly and equally, therefore, all of your financial assets and liabilities, including those you have separate from your marriage, will be split and given to either party after your divorce. This includes your house along with any additional real estate, your possessions, your automobile, and other items you own. Learn more about how a Montgomery divorce lawyer can assist you by visiting this website.
Filing for divorce in Montgomery County:
Anyone filing for divorce in Montgomery County is required by the Family Court to give a specific justification for the court to grant the motion. A divorce can be requested on several grounds, including cheating, abandonment, instability, violence, exceptionally vicious conduct, a 12-month separation, and mutual consent, under Md. Code, Family Law, 7-103. Although no-fault divorces are more frequent, these motions for divorce typically blame the other spouse for the separation. For a no-fault divorce, one spouse must attest that the other has lived separately from the other for at least a year before applying, or the couple must possess a formalized marital separation agreement that settles all legal issues.
Valuation of assets:
The worth of your separate and common property will probably come up in your divorce proceedings. It might be difficult to get parties to agree on the total value of their assets. In some circumstances, conducting a sale is the best way to determine the worth of a piece of property.
If the parties want to own the assets, the court could instead select a consultant (whose fees would be paid by the parties) to assess them. To offer reports on the value of their assets, the parties may also hire specialists. The court or mediator will decide on the valuations after taking the expert reports into account.
Final thoughts:
In the event that the parties are unable to agree on how to divide their assets, the court will step in and make the choice. To determine an equitable division of the property in these situations, the court will take into account a number of variables, including the duration of the marriage, the contribution made by each spouse to the marital estate, and each spouse’s financial status.
