Ellicott City Divorce Attorneys

Experienced Divorce Attorney Representing Clients in Ellicott City, MD

If you are looking at a potential divorce, you will need to address a wide variety of issues that could affect your financial life and your family relationships for years to come. You may need to determine who will own the home where your family currently lives. You will need to divide multiple other types of assets and make decisions about financial issues. If you have children, decisions will need to be made about where they will live and how they will be raised. Legal help from a skilled attorney can be crucial during this process.

At Silverman Thompson, our lawyers can provide that legal help and make sure you will be able to navigate the divorce process successfully. With our thorough knowledge of Maryland family law, our experience representing clients in litigation, and our commitment to protecting our clients' interests, we can serve as your guide and your advocate, helping you achieve your goals during your divorce.

Dividing Marital Property

The division of marital assets and debts can be the aspect of a divorce that may have the largest impact on your finances. You will need to understand the difference between marital property, which consists of assets and debts you and your spouse acquired during your marriage, and non-marital property, which generally includes assets you or your spouse owned before you were married. Only marital property will need to be divided, which makes it important to determine how different types of assets and debts may be classified.

If marital and non-marital assets have become commingled over the course of your marriage, determining how they may be addressed during your divorce can be complex. If pre-marital savings were combined with money earned during your marriage, or if marital funds are used to pay for the mortgage on a home one spouse owned before getting married, some non-marital assets may be converted to marital assets. Our attorneys can work with financial professionals to analyze financial details and trace assets, making sure you understand what will need to be divided.

Types of Assets That May Be Divided

The marital estate may include a wide range of assets, including:

• Your family home
• Financial accounts, including savings accounts, checking accounts, and investment accounts
• Vehicles
• Furniture, household goods, and other personal property
• Artwork, jewelry, antiques, or other collections

These assets will need to be divided equitably. While Maryland law does not require an exactly equal division, both you and your spouse should be able to retain a fair share of the marital estate. Our lawyers can work with you to make sure you understand the value of different assets and the ways you can help ensure that you will have the financial resources you need in the future.

Marital Debts

You may need to address debts as well as assets. Debts that were incurred during your marriage may include your home mortgage, home equity loans, vehicle loans, or credit card balances. Your marital settlement agreement should address each marital debt specifically, ensuring that you understand which spouse will be responsible for paying these debts.

High Net Worth Divorce

If your marital estate includes substantial assets, or if you and/or your spouse earn a high income, your divorce may involve a variety of complex financial issues. Our attorneys have the experience needed to address these concerns effectively. We can assist with:

Business Valuations

If you and/or your spouse own a share of a family business, professional practice, or other type of business, you will need to understand the value of the business and how ownership will be handled going forward. Determining the value of a business will usually require a professional business valuation. This valuation will play a role in determining how a business will be handled during the property division process.

Once the value of a business has been established, you may have several options for handling the business. You may negotiate a buyout in which one spouse will continue to own the business while compensating the other spouse for their share of the business through a cash payment or ownership of other marital assets. You may decide to sell the business and divide the proceeds with your spouse. If both you and your spouse have played active roles in the business, you may make arrangements for continued co-ownership of the business, with a carefully structured partnership agreement in place.

Real Estate Property

You and your spouse may need to determine how to handle ownership of different types of real estate property. In addition to your family home, you may own investment and rental properties, vacation homes, and other property acquired during your marriage. Each property will need to be appraised to determine its current fair market value. You may choose to sell certain properties, or one spouse may want to maintain sole ownership of your home or other properties.

Retirement Benefits

During your marriage, you may have accumulated diferent types of retirement assets, including 401(k) accounts, IRAs, pensions, or deferred compensation plans. These will typically be considered marital property that will need to be divided during your divorce. However, tax-related issues and other financial concerns may affect how these assets may be divided.

When dividing employer-sponsored retirement accounts, including 401(k) accounts, a Qualified Domestic Relations Order (QDRO) should be used. This will ensure that funds can be transferred out of an account without incurring taxes or triggering penalties. The division of IRAs will follow similar procedures through what is known as a transfer incident to divorce.

Determining how to address pension benefits may be more complicated. The benefits a person will receive after retirement may not be known at the time of divorce. Our attorneys can work with financial experts to ensure that you understand the value of a pension and how it may be divided. We can also make sure a QDRO is used to allocate pension benefits correctly.

Child Custody

When addressing issues related to your children during your divorce, it is important to focus on their best interests while taking steps to protect their well-being. Our lawyers can provide guidance on how to address child custody concerns, including:

Legal Custody

You will need to determine how you and your spouse will share the authority to make decisions about your children's upbringing. Legal custody may address decisions about education, healthcare, religious instruction, and extracurricular activities. Most parents are able to share joint legal custody, which will provide them with equal decision-making authority. Sole legal custody may be appropriate in some situations, giving one parent final decision-making authority over certain matters. Our attorneys can help you negotiate a child custody agreement that will protect your parental rights.

Physical Custody

You will also need to make decisions about where your children will live and how their time will be divided between your home and the other parent's home. Our lawyers can help evaluate your situation and help you put agreements in place that will provide you with a reasonable amount of time with your children and ensure that you can continue to be closely involved in their lives while providing the care they need.

Contact Our Ellicott City, Maryland Divorce Lawyers

The team Silverman Thompson can provide you with strong legal representation as you address legal issues related to your divorce and take steps to end your marriage. We will take the time to understand your circumstances, and we will advise you on your rights and options while advocating for an outcome that will protect your interests. Contact our Ellicott City divorce attorneys at 410-385-2225 to arrange a confidential consultation.