Maryland Asset Division and the Marital Home
Amar S. Weisman Knows How to Protect Your Interest in the Marital Home
Amar S. Weisman is recognized by EXPERTISE.COM as a TOP Baltimore Divorce Lawyer. He has litigated more than 500 divorces in the Baltimore Metropolitan area. To help his clients achieve their goals regarding the Marital Home, Mr. Weisman has worked with other attorneys, mediators, licensed realtors, and certified Maryland appraisers, and other professionals.
Adjudication Of The Marital Home in Baltimore County
With a wealth of experience, having litigated over 500 divorces in the Baltimore Metropolitan Area, Amar S. Weisman is well-versed in the nuances of resolving marital homes. It's crucial to understand that the law grants Judges substantial discretion to make various determinations regarding the marital home based on their sense of justice and analysis of the equities at play. The Marital Property Act and its amendments have empowered judges to make decisions such as transferring the marital home to one of the parties, ordering a sale of the marital home, or even temporarily granting one party the marital home for a Three-Year Use and Possession Period. Complex case law also addresses the Family Use of Personal Property Inside the Marital Home. In most divorce cases, the disposition of real property is further complicated by the emotional attachment parties often have to the land. Conversely, some clients may view the Marital Home as just another disposable asset. At the outset of the attorney-client relationship, it is essential to have open communication about the client's feelings and perspectives regarding both primary and secondary residences, as well as the personal property within them.
- Was the marital home purchased during the marriage?
- Did either spouse use pre-marital funds, gifts, or inheritance to buy or improve the property?
- If one spouse owned the marital home before the marriage, what contributions have been made during the marriage in the form of mortgage payments and home improvements?
- Note: It does not necessarily matter whose name is on the house, whose name is on the mortgage, or who made the contributions. The big question is what contributions were made after you said, "I do."
Options for the Marital Home
Option #1: Spousal Buy-Out
One spouse can "buy out" the other spouse's marital interest in the home.in a lump-sum payment or a series of payments over time, which are structured as a marital award for family law, tax law, and settlement purposes. When there is a spousal buy-out, the one who keeps the house is usually responsible for refinancing the home in their name.
Option #2: Sell The House Together
The parties can agree to sell the house together and split the proceeds. If the marital home is to be sold, specific questions arise:
- How will expenses be paid while the home is listed for sale?
- What proceeds from the sale are to be divided?'
- Are there any claims to contribution (Crawford Credits) to be awarded to change how the sales proceeds will be divided?
Individuals going through a divorce should engage in a discussion with their attorney about the option of a short sale when there is no net equity in the marital home. In a short sale, a swift agreement is reached with the lender to accept a reduced amount for the house, and once that negotiated amount is paid, the original debt is typically canceled. However, it's important to be aware that short sales can have adverse effects on your credit score, and they may also come with various tax implications. Therefore, it's essential to carefully consider the potential consequences and consult with your attorney to make informed decisions regarding the marital home during divorce proceedings..
Option #3: Allow The Court Order a Sale in Lieu of Partition
When parties own the house together as tenants by the entireties and cannot agree to refinance or sell the house together, the Court will order a sale instead of a partition. In this situation, the Court will typically contain the house auctioned, and the net proceeds will be divided equally between the parties.
Option #4: Family Use Personal Property
The Court may postpone disposing of the house for up to three years if the home is family-use personal property. Typically, this is when the Court finds it is in the children's best interests to continue residing in the marital home.
Important Documents Regarding the Marital Home
Responsibility For The Home During Separation
When two spouses own land together, they are considered cotenants. The law states, "Ordinarily, a cotenant who pays the mortgage, taxes, and various carrying charges of jointly-owned property is entitled to contribution from the other." The equitable right of contribution is to prevent one spouse from unjustly enriching themselves because the other spouse is paying the mortgage. The Court determines whether to credit one spouse for a contribution towards the maintenance of the marital home on a case-by-case basis. A recent publication from the Baltimore County Bar Association noted that exceptions to the rule of assistance exist in the case of ousters, agreements between the parties, or where mortgage/home-related payments are made by selling marital property.
Call 410-321-4994 To Meet With Towson Child Custody & Family Law Lawyer Amar S. Weisman.
Please Call (410) 321-4994 during business hours to schedule a free consultation t whether you want to retain Amar S. Weisman. The firm does not accept pro bono clients at this time. To h legal services and advice, you must pay a retainer, See Policy on Fees/Costs. The law firm is located in the heart of Towson near The Circuit Court For Baltimore County, Towson Town Center, Goucher College, and Towson University, at 1018 Dulaney Valley Road (MD-146), Second Floor Towson, MD 21204. We represent clients throughout the Baltimore area, including Aberdeen, Abingdon, Baldwin, Bel Air, Bowleys Quarters, Brooklandville, Carney, Catonsville, Cockeysville, Edgewood, Essex, Garrison, Glen Arm, Greenspring Valley, Homeland, Hunt Valley, Hydes, the Joppa Road Corridor, Kingsville, Long Green, Lutherville, Middle River, Nottingham, Owings Mills, Parkville, Pikesville, Perry Hall, Reisterstown, Riderwood, Rodgers Forge, Rosedale, Ruxton, Sparks, Sparrows Point, Stoneleigh, Timonium, Towson, West Towson, White Hall, White Marsh, and the York Road corridor. We have also represented s out-of-state clients. The law firm does not guarantee the results in any matter.
