Legal Information: Maryland
When the court makes an equitable distribution of the property, the court first determines what property belonging to the couple is marital property. It then determines the value of that property. Finally, the court determines who is entitled to what share of the valued, marital property, taking into account the following factors:. The court cannot transfer ownership of property titled to one spouse to the other.
In these instances, the court will grant a monetary award to one spouse as an adjustment of the rights and equities of the parties concerning marital property.
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However, the parties may agree and take steps to transfer this property on their own in and as a result of a marital agreement. The court has no authority to transfer the stock or any portion of it to the wife. It can, however, take into account the factors listed above and grant a monetary award to the wife based on the value of the stock. The amount of the award and the method of its payment are determined after consideration of each of all of the above listed equitable distribution factors.
This area of the law is very complex. If there are property interests, advice from an attorney is essential. If there is a pension, advice from an attorney is essential. The court has the authority to award exclusive use and possession of the family home and other family use property to the spouse with custody of the minor child or children.
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The purpose of such an award is to permit children to continue to live in an environment and community which is familiar to them. Such an award can last for up to three years from the date of the decree. The court must take into account the following factors in making this award:. Separated spouses can still acquire marital property. For example, lottery winnings that resulted from a win on a ticket purchased two years after the parties separated but before they divorced are considered marital property.
Q: Is an engagement ring marital property? It was acquired prior to the marriage. Although professional degrees are marital property in some states, Maryland Courts have ruled that they are not marital property.
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However, there may be value to a professional practice separate from that degree. If a professional practice is involved it is necessary to obtain legal advice. Q: Do I lose the house if I commit adultery? A: If the house is jointly titled the court cannot change title. It cannot give the house to one party or the other. The court can consider the circumstances that contributed to the downfall of your marriage.
Dividing Property in Divorce: Marital and Nonmarital Property and the Source of Funds Theory
Property that you or your spouse acquire while you are separated is still considered marital property. However, if two people acquire property while living together before marriage, that property is not marital property.
Some assets can be both marital and non-marital property. For example, a house that was purchased before the marriage is not marital property. Learn more about joint ownership of real property.
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The parties may agree on the division of any property held by them without assistance of the court. If the parties do not have an agreement, Maryland's Marital Property Act governs the division of property. Under the act, all marital property is subject to equitable distribution. If you and your spouse cannot agree how to divide your property, the court will decide what is marital property, and how much that property is worth. The court will also look at any marital debts for example, mortgages and credit cards when determining the value of the marital property.
However, under certain circumstances, the transferee spouse may avoid withdrawal penalties. Consult a tax advisor for guidance on how to do so. Although the term has a technical meaning, referring to employer-sponsored plans subject to ERISA, it has come to be used to refer to just about any order to transfer retirement assets.
Maryland Divorce, Child Custody, Child Support, Alimony, and More
A QDRO must be approved by the administrator of the retirement plan as well as the court before it is carried out. These are terms used in QDROs and other retirement orders. Get more information at www. Benefits paid to a surviving divorced spouse who is 60 or older will not affect the benefit rates for other survivors receiving benefits. In general, you cannot receive survivors benefits if you remarry before the age of 60 unless the later marriage ends, whether by death, divorce, or annulment. When you reach age 62 or older, you may get retirement benefit on the record of your new spouse if they are higher.
Your remarriage would have no effect on the benefits being paid to your children.
Call Us Now. Call Us. Meiselman Nogah B. Helfant Vincent M. Wills Terry M. Shuch Morgan P. What types of retirement accounts are at issue in divorce? In a Maryland divorce, what retirement assets are considered marital property? In a Maryland divorce, what retirement assets are considered non-marital property?
What if only one spouse contributed to retirement benefits acquired during marriage? Are employer matching contributions to an employee retirement asset treated differently than employee contributions? In a Maryland divorce proceeding, is transfer or distribution of retirement assets required? What methods are used to determine the value of retirement benefits?