Who Gets to Keep the House in a Maryland Divorce?
September 1st, 2020
Divorce is complicated, and if you are getting divorced, you are probably very concerned about numerous things, and keeping your house is most likely one of them. Please continue reading and reach out to our seasoned Maryland divorce attorney to learn more about divorce, the equitable distribution process, and how we can help you, every step of the way. Here are some of the questions you may have:
What is equitable distribution?
Equitable distribution is the process by which the courts will assess your marital assets, and from there, they will essentially determine "who gets what." That being said, the term "equitable" seldom means "equal," and instead, it means something more along the lines of what the courts determine is a fair and just distribution of your marital assets.
Is my home considered marital property?
Maryland courts will first break your property down into two categories: marital property and separate property. Separate property is all property acquired before or outside of your marriage, such as gifts or an inheritance, while marital property is all property acquired during your marriage. Separate property is generally not included in the equitable distribution process, however, marital property is. Generally speaking, your home will be considered marital property, which is why you must ensure that you hire an experienced Maryland divorce attorney who can fight for your right to keep your home.
What factors will the courts consider during the equitable distribution process?
When deciding who gets to keep certain assets, Maryland courts will consider a wide array of factors, including, though not limited to:
- You and your spouse's age
- The value of your home
- You and your spouse's health
- You and your spouse's yearly income
- The duration of your marriage
- Your child custody agreement, if applicable
- You and your spouse's education/earning potential
- The amount that you and your spouse contributed to purchasing/maintaining the home
- You and your spouse's debts and liabilities
- Tax consequences
- Any other factor the court deems relevant
If you have any additional questions, please do not hesitate to give our knowledgeable Maryland divorce attorney a call today. Our firm is always here to help.
Contact our experienced Maryland firm
Here at the Ruben Law Firm, we understand how much your legal situation means to you. That is why we pledge to provide you with the personalized attention you deserve, every step of the way. Our firm is more than happy to assist you through matters of personal injury law, bankruptcy, family law, criminal defense, and estate planning. Attorney Ruben has helped clients achieve favorable results in a wide array of legal matters for years, and he is ready to do the same for you. Simply contact the Ruben Law Firm today.