Division of Property
Division of Property
In Maryland the dominant reasons for selling a house are: Death in a family, Debt, Divorce, and Down-sizing. The recent statistics show that about 80% of married couples own a home, and while our divorce statistics consistently show that about 50% of these marriages end in divorce, there is a distinct need to understand what happens with a jointly held asset like Real Estate.
Many people when confronted with the prospect of divorce want to know how assets will be divided. How they will maintain their standard of living? Who gets the house? Or how can we sell the house fast?
In Maryland, there are two types of divorce: absolute divorce and limited divorce. An absolute divorce is a permanent termination of the marriage.
When filing for an absolute divorce, a person must have been a resident of Maryland for six months and must set forth grounds, or reasons for the divorce. Those grounds include:
One-year separation. The person and or her spouse have been living separately and apart from one another for a continuous period of one year, and have not had sexual relations.
Mutual consent. The parties do not have any minor children in common and they execute and submit to the court a written settlement agreement signed by both parties resolving all issues.
Cruel treatment. Cruel or violent treatment of a spouse or a minor child of the spouse.
Insanity. A licensed medical doctor has determined that the spouse is legally insane, and the insane spouse has been kept in a mental institution or hospital for at least three years prior to filing for a divorce.
Incarceration. At the time of filing, the spouse must have served at least 12 months of the sentence.
An absolute divorce decree may provide for:
Payment of alimony.
Custody of children. Custody may be awarded to only one parent, to both parents (who then have “joint” custody) and share the responsibility for raising and caring for the children.
Payment of child support. If the divorced couple has children, one party may be required to pay the other party child support.
Division of property. If the individuals seeking a divorce cannot agree on how property belonging to both of them should be divided, that property may be sold, and the proceeds from the sale will be divided between the parties.
Use of last name. A spouse may ask the court to change his or her name back to the name used before the marriage. These requests are usually granted.
A limited divorce is a legal separation, and does not end the marriage.
A limited divorce is a legal action that permits the court to resolve some important issues but does not end the marriage. People file for limited divorce usually because they have financial matters or other issues that can’t wait until the court grants the couple an absolute divorce. During a limited divorce, neither spouse may remarry, or have sexual relations with another person. If one spouse has sexual relations with another person, that spouse has committed adultery.
Divorces can be contested or uncontested. In an uncontested divorce all issues of splitting assets, and child support are settled amicably. In a contested divorce, the court must decide how assets are divided and can lead to battles that make good Hollywood movies.
Child support can be one of the most heated issues of family law. Child support is so important that Maryland established a Domestic Relations Program to serve and execute the myriad legal processes emanating from child support proceedings. Child support payments are meant to benefit the child, to make sure the custodial parent has the means to pay for the child’s needs.”
If in the divorce process the couple decide to sell the house, many parties to the divorce want things done quickly so they can move on with their lives.
At Roxbury Mill Properties, LLC We specialize in purchasing distressed homes, renovating and reselling. In this way we not only help homeowners out of difficult situations but also improve the community by providing affordable housing that attracts new homeowners to these neighborhoods.
Through our extensive knowledge of the business, our network of resources, and years of expertise, we are able to assist homeowners with a wide variety of real estate problems. We pride ourselves on working one-on-one with each customer to handle their individual situations.
With the ability to directly purchase homes and make cash offers, we can create an extremely fast, and hassle-free transaction.
Are you in the middle of a divorce and need information on how you can sell your home quickly? Give us a call today at (410) 648-4800 and let’s talk about what we can do to help you.