When determining monetary awards, a three step process is required. Failure to use the process will terminate the reward:
1. All property is categorized as either marital or nonmarital.
2. Marital property is identified and given value.
3. Marital property is equitably distributed and nonmarital property is assigned value and identified as belonging to the owner-spouse.
In this last step, the court considers these factors when determining a monetary award. None of the factors are given more weight than any other, except for how and when property was acquired.
The final decision as to the amount of the monetary award is discretionary as long as the 11 factors have been considered by the court. The decision includes the manner and method of payment.
To learn more about how we can help you with your particular situation, please email or call us today at (301) 715-3838 to set up your FREE consultation.