Timonium Divorce Lawyers

Divorce Attorney Guiding Clients Through Divorce in Timonium, MD

When a couple chooses to get a divorce, they may encounter a variety of complex issues as they take steps to separate their lives. They will need to pay careful attention to their assets and other financial concerns while also addressing matters related to their children and other aspects of their marriage.

The divorce lawyers at Silverman Thompson work closely with our clients, making sure they understand their rights and legal options during divorce. We work to protect our clients' interests and help them reach outcomes that will provide them with a stable foundation for the next chapter of their lives.

Marital Property vs. Non-Marital Property

Before assets can be divided during a divorce, a couple will need to determine what may be considered marital property and what is non-marital property. Marital property generally includes all assets and debts that a couple has acquired during their marriage. All money earned, items purchased, or assets that have been obtained will fall into the category of marital property, regardless of who obtained them, who earned the income used to pay for items, or whose name is on the title.

Non-marital property may include assets that either party owned before the couple's marriage. Other property that may fall into this category include assets that one spouse received as a gift or inheritance. Non-marital property will belong to an individual spouse, and it will not be subject to division during divorce.

Determining how property may be classified can become complicated when both marital property and non-marital assets have been commingled or mixed. For example, if a spouse used an inheritance to make a down payment on a home, and the couple then lived in the home together for several years, used the income they both earned to make mortgage payments, and invested marital funds to make improvements to the home, the home may be considered marital property.

Tracing the source of assets and determining the amount of certain assets that may be considered non-marital property may require a detailed financial analysis. In some cases, one party may be required to reimburse the other party for their contributions to non-marital assets, or non-marital property may be reclassified as marital property. Our lawyers can make sure property is classified correctly, and we will advocate for solutions that will help our clients protect their financial interests.

Dividing Retirement Benefits

When a person made contributions to a retirement account during their marriage, this account will typically be considered marital property. Other retirement benefits earned during a marriage, such as pension benefits, will also need to be addressed during the property division process.

The right steps will need to be taken when dividing employer-sponsored retirement plans such as 401(k) accounts to avoid financial losses due to taxes and penalties. A Qualified Domestic Relations Order (QDRO) can be used to withdraw funds from one account and transfer them into the other spouse's retirement account. IRAs may be divided in a similar way, although a method known as a transfer incident to divorce will be used rather than a QDRO.

Dividing Real Estate Property

Real estate owned by a couple can be among their most valuable assets. Whether spouses own a family home, rental properties, vacation homes, or commercial real estate, each property will need to be appraised. A couple will need to determine whether different properties are marital or non-marital, and decisions will need to be made about who will own different properties or whether they may be sold.

For a couple's family home, the most common options used during divorce may be to sell the property or to have one spouse buy out the other's share of the home's equity. If one spouse wishes to be the sole owner of the home, they will need to refinance the mortgage and make sure they will be able to pay ongoing expenses, including utilities and maintenance.

Investment and rental properties may involve additional consideration, since they may generate ongoing income. In some cases, a couple may wish to continue co-owning property and sharing the income earned. When doing so, they can create a partnership agreement that will provide them both with an understanding of how profits and expenses will be shared or the procedures that will be followed if the property is sold in the future.

Business Interests and Valuations

For business owners, decisions about the ownership of a business can be an important part of a divorce. A business valuation will be an important part of the process. This can ensure that spouses will be able to make decisions about how ownership of the business will be handled. Our lawyers can help clients determine how to handle:

• Family Businesses: Both spouses may have played active roles in running these types of businesses, and a couple may wish to avoid a forced sale or buyout that could disrupt the business and its employees. Options may include one spouse buying out the other's interest in the business, selling the business and dividing the proceeds, or maintaining co-ownership of a business.
• Professional Practices: When addressing issues related to medical practices, dental offices, law firms, accounting firms, and similar businesses, spouses may not need to look at the monetary value of business assets, but they may need to consider the goodwill that a person provides. A person's reputation and relationships may be an important part of a practice's success, and they may need to make sure they will be able to continue owning and operating their business after their divorce.
• Investment Holdings and Other Business Interests: Partial ownership stakes in a business, LLC membership interests, or investments in companies may need to be considered during a divorce. A business valuation can determine the value of these investments, and a couple may determine whether business interests will be divided or sold during the divorce process.

Other Issues in a Timonium Divorce

Our attorneys can also help clients address concerns related to:

• Spousal Support: One spouse may request ongoing support payments to ensure that they will be able to cover their expenses and meet their needs after the couple's separation. Our lawyers can help clients determine when alimony may be appropriate, and we can work to put arrangements in place that will meet our client's needs.
• Child Custody: Parents will need to make decisions about legal custody and physical custody of their children, and they will need to negotiate a parenting plan that details how all child-related matters will be handled going forward. Our attorneys work to ensure that our clients can reach agreements on these issues while protecting their children's best interests.
• Child Support: We provide guidance to clients regarding the issues that will be considered when calculating an appropriate amount of child support that will be paid after a couple's divorce. We can help address different types of expenses that parents may need to pay, including health insurance for children, other medical costs, educational fees and expenses, and childcare costs.

Contact Our Timonium Divorce Attorneys

When preparing for your divorce, the attorneys at Silverman Thompson can help you understand what to expect and what issues will need to be addressed. We will work to negotiate agreements that will meet your family's needs, and when necessary, we can provide you with representation in family court and fight to protect your rights. Contact our Timonium, MD divorce lawyers by calling 410-385-2225 to schedule a consultation.