Dividing real estate property in a divorce is complicated and important because it is often a couple’s largest asset. Real estate complications during divorce in Frederick often focus on who keeps the family home, whether it must be sold, and how to divide the equity. At Rolle & DeLorenzo, our seasoned property division attorneys can help you identify those legal and financial issues.
Maryland is an equitable division state. Equitable means fair, but not necessarily equal. The Court determines which property is marital, establishes its value, and then considers whether a monetary award or other adjustment is appropriate.
A home purchased during the marriage is usually considered marital property, subject to statutory exceptions. However, real estate ownership becomes more complicated during a Frederick divorce when:
Property acquired before marriage, through inheritance or gift from a third party, or property directly traceable to those sources is usually excluded. However, tracing the source of funds can require careful review of financial records.
Once the parties have established the marital character of real estate, the next step is determining its value. Establishing the property’s fair market value may require an appraisal or another reliable valuation source. Remember to consider the outstanding mortgage, home equity loan, liens, and other obligations when determining the parties’ financial interests.
The Court can resolve complex disputes concerning ownership of Frederick property in your divorce case. Potential remedies include a partition or sale and division of the proceeds. The Court also has specific authority concerning jointly owned real property that was the parties’ principal residence. Subject to liens, it can order one spouse to transfer an ownership interest to the other, authorize one spouse to purchase the other spouse’s interest, or use both approaches.
In addition to considering which spouse wants to remain in the house, resolution may require other issues. For example, the spouse retaining the property may need to refinance the mortgage or otherwise obtain the other spouse’s release from the applicable lien.
Real estate complications in a divorce can extend beyond your family residence in Frederick. Investment properties, rental homes, commercial interests, and vacation properties may also require valuation and classification.
You should also consider:
If children are involved, the family home can create additional considerations. In appropriate circumstances, the Court can address possession and use of your family home, including determining which party will have sole possession or dividing possession and use.
Real estate can affect nearly every part of your divorce, from property division to financial obligations and, in some cases, your children’s living arrangements. A careful review of ownership, equity, debt, contributions, and the property’s history can help ensure these issues are properly addressed.
If you are facing real estate complications during divorce in Frederick, the lawyers at Rolle & DeLorenzo can help you evaluate the property issues in your case and determine how to address them as part of your divorce. Contact our team to discuss your circumstances and learn how we can help you protect your financial interests.
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