All marital property in Maryland must be divided in a divorce according to state law. Specifically, all assets and liabilities must be disclosed by both parties. The court will decide if the assets are a community (and hence divisible) or separate (and thus not amenable to division) (meaning that the property is not divisible).
For divorces, the court will divide all marital assets fairly between the parties, considering a wide range of factors. All property obtained by either spouse after the wedding date is considered marital property unless otherwise specified in a prenuptial agreement or proven to have been a gift or inheritance. Discuss your situation with a reputed Salt Lake City domestic violence lawyer.
It is common for divorcing couples to opt out of having the court divide their assets. During a divorce, one spouse may try to hide or conceal assets, so they are not counted as marital property and are subject to division. While divorcing, a spouse may try to hide assets, and here we will go over some of the more frequent methods.
Divorce Asset Disclosure Form Withheld
The Maryland divorce process necessitates that both parties provide extensive information regarding their assets and liabilities before the court can decide whether or not certain items should be considered separate or marital property. The failure to report an asset to the court is one of the most basic and prevalent methods a spouse may try to hide assets. You should see a divorce lawyer in Maryland to learn about your options for discovering hidden assets if your spouse’s disclosures seem incomplete.
Providing a Relative or Friend with a Present
A “gift” to a relative or friend right before the divorce is filed, another popular strategy for a spouse to conceal assets. The spouse making the “gift” does not want the friend or family member to keep the assets; rather, he or she wants the friend or family member to have legal possession or ownership of the assets throughout the divorce case so that they will not be subject to division.
Incorrectly Appraising or Valuing Assets
When divorcing, many couples have significant art or collectables that need to be appraised first. The value of a painting could be artificially lowballed by one spouse in a divorce settlement so that they can unfairly keep the painting and other assets. If a couple is the owner of such a property, it’s usually in everyone’s best interest to employ a professional appraiser to determine a fair market price for it.