Divorce is a complicated process in many ways--emotionally, legally, and, of course, financially. If you are getting divorced, there is a very good chance you are worried about whether you will lose your home. For most people, their house is their most valuable asset, and if you believe your home is on the line, you must continue reading and speak with our experienced Maryland family law attorney to learn more about how Maryland courts determine which spouse will get to keep the house in a divorce. Here are some of the questions you may have:
Equitable distribution is the process by which courts will determine who gets to keep which assets in a divorce. When a couple enters the equitable distribution process, the court will first break down their assets into two categories: marital property and separate property. Essentially, marital property will be subject to equitable distribution (in most cases) and separate property, in most cases, will not.
Marital property is all property that was acquired during a marriage, and separate property is all property acquired before or outside of marriage. That being said, in most cases, a house is considered marital property. In fact, even if you purchased the house and your spouse moved in at a later date, he or she may still be entitled to the home if he or she can prove that they contributed to the home in some way. This can include paying for renovations, doing daily chores, raising children in the home, and more.
Maryland courts will consider a wide array of additional factors when determining who gets to keep the home in a divorce. For example, they will consider which spouse is financially dependent, both spouse's yearly salaries, both spouse's age and health, the child custody agreement, both spouse's earning potential, and more. If you have any additional questions, or you believe that your home is on the line, please do not hesitate to speak with our knowledgeable Maryland family law attorney today. Our firm is ready to help fight for what is rightfully yours.
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