You can acquire many types of assets in Frederick throughout your lifetime through your job, inheritance, gifts, or investments. When it comes to estate planning, having a clear understanding of what types of assets you own is critical for protecting what you intend to leave to your heirs. Knowing which assets are part of your marital estate and subject to division is also essential in divorce proceedings.
Our knowledgeable property division attorneys at Rolle & DeLorenzo are here to explain the legal implications of all your assets to help you best protect your interests.
Many people in Frederick own diverse kinds of assets, including the following.
The largest single-value items that most people own are real estate, which can include more than just the family’s primary residence. Some people also own vacation homes, investment properties that they rent, and undeveloped land.
You should clearly understand the value of all your financial assets, which can be held in different ways. Some people have a great deal of liquid cash in checking, savings accounts, or CDs, while others invest a large portion of their money in stocks or bonds. Other financial assets are not as easily accessible because they are put into retirement funds, such as 401(k)s, IRAs, or pensions. If you have any life insurance policies, those are also part of your financial assets.
If you are a partner in a professional practice or a sole or partial owner of a closely-held business, you need to understand the value of your interests. You should know what the implications would be if you suddenly withdrew from or divided your interest in that business due to your death or a divorce.
You should keep a detailed list of your important personal property, including any cars, boats, jewelry, artwork, or other collectibles. You might want to ensure that certain assets go to specific people upon your death. You would also want to protect those assets in the event of a divorce.
The valuation and potential separation of some kinds of assets, such as deferred compensation, stock options, or inheritances, is more complicated.
Our skilled Frederick attorneys understand how to value and handle a wide range of assets and are ready to help you plan.
Our seasoned Frederick lawyers have successfully handled many types of assets for several legal purposes.
In Maryland, courts use the process of equitable distribution to divide a couple’s marital assets. Although each spouse does not receive exactly the same share, the court aims to divide the assets fairly. Only assets that are part of the marital estate, which means they were acquired during the couple’s marriage, are subject to division. If you are going through a divorce, our dedicated attorneys could help you protect your separate assets from division. We could also help you determine the full value of all marital assets.
You probably own many types of assets in Frederick. Understanding their value and what you want to do with them in the event of a divorce is critical. Reach out to our trusted legal team today for guidance on your next steps.
FREE CASE EVALUATION