For many couples, their family home is their most valuable shared asset, both financially and personally. In a divorce, both parties may agree to transfer ownership of the house to one party, often the parent who retains primary custody of the children. In other cases, the parties may decide to sell the house and split the proceeds. In fact, this is often the case, especially if there is an outstanding mortgage that neither divorced spouse can afford to take on individually.
Under its equitable division statutes, Maryland family courts can make several different rulings in absolute divorce cases where the parties cannot come to a mutually satisfactory agreement:
- Arrange for one party to purchase the interest in the property from the second party
- Sell the house and distribute the profit
- Transfer the title of family property to one spouse under certain circumstances
At Huesman, Jones and Miles, LLC, we encourage our divorce clients to try all means possible to come to a fair and reasonable agreement with their spouse regarding the division of assets and property. Most states do not give family courts the power to transfer property title, but anyone contemplating divorce in Maryland should be aware that the court has this option.
Division of property, including transferring title and negotiating terms with the mortgage company, can be complicated in some cases. Our law firm has expertise in dealing with property issues and finances in divorce settlements. Give us a call and we can discuss strategies for arriving at an equitable settlement.
