In Maryland, an equitable distribution state, property and debts acquired during marriage (including your 401K) are divided fairly and equitably, with the exception of limited circumstances/situations. However, an equal division is not guaranteed by the law. Automobiles, bank accounts, businesses, jewelry, houses, furniture, stocks, pensions, and retirement plans acquired during marriage primarily consist of marital property. However, it does not consider a form of marital property any license or professional degree acquired during marriage.
With the bulk of marital property consisting of the list above, one can expect that it might be worth a lot after marriage. In the event that you are thinking of divorcing your spouse, it would be sensible to preserve and retain your assets acquired during your marriage. For the protection of your financial and legal rights, you need to consult an experienced Maryland family or divorce lawyer.
The marital home is typically the most important and valuable.
Choosing what to do with the family home will be filled with emotional and practical details and concerns. The divorcing couple has the power to choose what becomes of their assets. However, if they cannot come to a decision, the court will intervene and order a property disposition. Nevertheless, there are options that can better accommodate the needs of evolving family dynamics.
While deciding what to do with the marital home, it would be best for the divorcing couple to work cooperatively along with their lawyers. The most common options usually chosen by divorcing couples are to sell the home, turn it over to their spouse, or live together still for practical and financial reasons. These options have their consequent upsides and downsides, which are best discussed with your family lawyer.
In selling the house, you need to come up with a time-frame in which the selling should transpire, a listing price, and a notice to buyers about the divorce status. Generally, most divorcing couples just want the sale to happen efficiently so everyone can move forward.
Families who find it hard to live in separate places because of financial reasons may opt for an arrangement in which they can live together under the same roof until they can manage to live separately. With the presence of children, this arrangement turns out to be more supportive of a stable home environment in their lives. Another common scenario or outcome is the turnover of the house to a spouse. This usually happens with children staying with the spouse who gets the house. There are many issues that need to be discussed and managed such as mortgage payments and, in the event of a sale in the future, who has the right to the proceeds.
It could not be emphasized enough that asset and property division including debts during divorce has long-term and wide-reaching repercussions. To help you become aware or knowledgeable about your legal and financial interests and rights to your share of the marital property, it is best that you consult an experienced and practicing Maryland family law attorney.
At Petrelli Previtera, we have plenty of experience handling cases where the fate of the family home is in question. We are here to help you resolve your case in an efficient manner, while helping you achieve your goals during your divorce. Get started today by scheduling your consultation with one of our highly-qualified divorce lawyers.