skip to Main Content

The jewel of the marital property – the family home

When it comes to filing for divorce in Maryland, most of our readers know that complex property division issues can take up more time – and money – than most want to think about. And, when it comes to property division, oftentimes the most contentious point of order comes down to the most important piece of marital property – the family home.

A recent article delved into this complicated issue, pointing out some of the potential pitfalls and trip-ups that could await a couple going through a divorce, although there are many more issues involved in this process than what was covered in the article. For instance, what if one spouse owned the home before the marriage occurred, but the couple never agreed to a pre-nuptial agreement? Although this may theoretically sound like a simple issue, it can become complicated if the other spouse has poured time and money into improvements or renovations – thereby essential to building some equity into the home.

Or, in another scenario, what if the home consists of such a large portion of the marital property that there is simply no way to arrive at anything resembling an equitable division of property without selling the home? And what if neither party wants to give up the home? This problem can become very tricky very quickly.

For most couples, however, agreeing to a satisfactory division of assets before the divorce litigation gets contentious is the optimal result. When a couple has children, it can be much more obvious that it would be better for the children to remain in the family home marital property with the custodial parent, which could soften the stance of the non-custodial parent.

Asset division can be difficult for any divorcing couple. For those who may be on the verge of finding themselves in this type of scenario, getting all of the information on their legal options could be well worth their time.

Source: sgvtribune.com, “Chris Vigil: Divorce can complicate the sale of a home,” Chris Vigil, Jan. 16, 2013

Related Posts: Divorcing and splitting your retirement account can be hard, Navigating the process of a high-asset divorce, A personal approach for even the most complex high asset divorce, Why a high asset divorce needs a detailed separation agreement, How does a high asset divorce impact my tax liability?,
0 0 votes
Article Rating
Subscribe
Notify of
guest

0 Comments
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x
Back To Top