Property division lawyers Rockville, MD
Going through the divorce process can be a painful and lengthy experience, as property division lawyers in Rockville, MD is familiar with. Initiating a divorce is the first step, but spouses eventually have to discuss tough subjects that they have to reach a compromise on. This includes the topic of property division. Splitting up assets is not often simple, and both parties must agree on a solution that they don’t object to. If you are going through a divorce and would like to know more about how fair resolutions involving assets can be reached, it may be helpful for you to contact a skilled property division lawyer.
Property division lawyers in Rockville, Maryland
The turmoil and pain of going through divorce is not easy. During such an emotionally charged time, conflicts can escalate to the point where crucial matters are unable to come to a conclusion. For some situations where both parties cannot agree on the conditions of an agreement, a lawyer can offer unbiased counsel so that an agreement can be reached.
How Asset Value is Determined
Organizing assets is not always a straightforward process, and can be a source of issue between spouses. Dividing assets can be complicated. It can be more difficult if there are many assets, asset values are disputed, or if there are assets that are highly valued. Once asset valuation is complete and spouses decide on a fair agreement, the agreement is typically approved by a judge.
Assets fall under two categories: marital and nonmarital. An asset is defined as anything that can be assigned value, such as properties, cars, boats, jewelry, pensions, and 401k’s. Any asset that was obtained during a marriage is generally deemed a marital asset. As a top Rockville, MD divorce lawyer can tell you, asset valuation is done by researching its current fair market value.
Community Property Division vs. Equitable Division
Property division laws vary from state by state, and property division during a divorce is determined in two ways: community property division and equitable division. Texas is a community property state. Through the method of community property division, every property that is acquired by a couple belongs to them equally. In contrast, equitable division is when marital property is divided in an “equitable” manner, but is not always evenly split.
A Divorce Lawyer’s Role
There are several services a divorce lawyer can offer. A lawyer can provide guidance throughout each step of the divorce, review financial information for accuracy, and negotiate with the other party so that a proper agreement can be made. Our legal team at the Law Office of Daniel Wright has over 35 years of experience protecting the rights of clients and fighting for their fair compensation.
Schedule a Consultation For Legal Assistance
While having a lawyer is not a necessity for individuals going through a divorce, it is highly recommended as it can make the process go much more smoothly and efficiently. If you would like legal assistance for your divorce, schedule a consultation with qualified Rockville, MD property division lawyers such as one at the Law Office of Daniel Wright now.