"She's not getting anything --- I made sure of that, it's all in my name."
"I make a ton of money from my business but I managed to leverage the business to the extent that on paper it isn't worth anything."
Divorcing couples --- or those who think they may be divorcing --- or those who just want to cover all the bases and don't want to share --- do some pretty sketchy things to accomplish the goal of not giving him (or her) a penny more than absolutely necessary. Many would prefer to share nothing at all.
These kind of shenanigans don't fly too well in Maryland divorce trials. Here's why: Maryland is not a community property state. It is an equitable (meaning, "fair") property division state.
Property identification, valuation and distribution is one of the most complex areas of family law in an equitable property division state.
For example:
- pensions and retirement accounts are usually divided 50/50 but if you don't ask correctly, and you have an entitlement to a marital portion of a pension, you have to wait until your spouse retires to get that portion.
- small businesses are a nightmare! They must be valued, but Maryland only has one accepted way of doing that, fair market value, and so it's pretty easy for a business owner to ensure that the actual value of the business is pretty near zero --- even when it's pulling in plenty of profit.
- there are half a dozen ways to argue that what was yours from an inheritance may not actually be yours, some of the arguments coming from the source of the funds and others coming from the way in which they were commingled during the marriage. The other side can win, but you will spend literally thousands proving them wrong.
(1) Determine what is and isn't marital property;
(2) Value what is marital property; and
(3) Perhaps give one or both of the parties a monetary award to "adjust the equities."
Confused? Don't be. Call me today to discuss how I can help you negotiate the maze of marital property.
