Agreement Division Property With Real Estate In Maryland
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FAQ
If children are involved, the parent who spends the most time with the kids, or provides their primary care, usually remains in the marital home with them. If you don't have children and the house is the separate property of just one spouse, that spouse has the legal right to ask the other to leave.
Courts divide property under one of two schemes: equitable distribution or community property. Equitable distribution. Assets and earnings accumulated during marriage are divided equitably (fairly). In practice, often two-thirds of the assets go to the higher wage earner and one-third to the other spouse.
A legal separation is a court-ordered agreement in which a married couple lives separate lives, usually by living apart. The separation court order may specify financial obligations, child custody and visitation agreements, and child support.
The court decides the division of marital assets based upon equitable distribution. That includes the marital home and any other marital assets and liabilities. They look at the financial position of each party, the length of the marriage, etc. The letter could be helpful to show your intent to equally split the house.
There is no such thing as a “legal separation” in Maryland. If you and your spouse live separate and apart with the intention of ending your marriage, that constitutes a separation. You can still live under the same roof but must pursue separate lives.
There is no such thing as a “legal separation” in Maryland. If you and your spouse live separate lives for at least six months, you can file for divorce based on the ground (legal reason) of a “6-month separation.”
While property acquired during marriage is typically considered community property and subject to a 50/50 division during divorce proceedings. However, there are exceptions for property which is acquired by one spouse as a gift or inheritance.
Maryland law requires all deeds to include the names of the grantor (the seller) and grantee (the buyer), a description of the property, and the interest that you intend to convey. All deeds must be recorded with the Department of Land Records in the county where the property is located.
Under the Maryland Marital Property Act, the court can consider both the monetary and non-monetary contributions of each spouse to the marriage. Non-monetary contributions can include childcare, meal preparation, maintaining the home, etc.