Baltimore & Towson Lawyer Discusses The Challenge of Dividing Real Estate In A Divorce.
Property division can pose quite a problem for divorcing couples, particularly if they are not able to maintain open and honest communication throughout the process. Nonetheless, your Baltimore County and Towson divorce lawyer knows that there are ways for soon-to-be exes to handle the division of real estate and other property without there being an emotional upheaval beyond what might already be occurring.
Dealing With the Marital Home
One thing that is for sure is that when it comes to real estate that is jointly owned by the divorcing couple, including especially the marital home, one party cannot make the other party leave. However, it should be noted that in cases that involve domestic violence issues, a judge can order the alleged abusing spouse to leave for as long as one year. This can be ordered by the District Court For Baltimore County, the Circuit Court For Baltimore County, or another appropriate local court. Still, in general terms, the equity of a marital home is usually one of the largest assets that couples have to divide.
Equity is the home's market value, minus any current liens and/or debts held against it. What determines a home's equity is its market value at the time of the couple's separation. Once the Middle River couple comes to an agreement with respect to the market value, the property debts will be deducted from that value in order to arrive at the appropriate amount of equity that will need to be divided by the parties. If you find that you need assistance with making the proper determinations in this regard, your Baltimore and Towson divorce lawyer may be able to assist you with obtaining a real estate appraisal, if you deem it necessary.
Once the equity has been determined, there are typically three options from which the parties might choose to properly divide the equity. One option is for one spouse to refinance the home and ultimately buy out the other spouse. Another option is for the couple to simply sell the house and split the proceeds of the sale. Depending on where the home is located, however, selling the home may be easier said than done. The third option may be selected in cases that involve children. The parties might agree to allow the custodial parent to stay in the residence (with exclusive possession and use of it) for a particular length of time. Once that time has lapsed, the spouse will then need to either buy out the other spouse or sell the home and split the proceeds from the sale.
What if You're Not Divorced Yet?
If a couple is still legally married by not divorced or legally separated as of yet, one or both parties might decide to buy new homes to move to prior to the completion of the separation process. However, there are extra steps that will need to be taken, particularly since the couple will still be joined legally to each other.
There are a variety of challenges that couples might be force to deal with while going through the process of dividing real estate. However, individuals do not have to attempt to handle those challenges on their own--help is available. If you or someone you love has questions about dividing real estate as part of the divorce process, contact a skilled Baltimore and Towson divorce lawyer at the Law Offices of Amar Weisman, LLC as soon as possible for additional information.
Call (410) 321-4994 For a Free Consultation With a Mays Chapel & Towson Family Law Firm.
Call The Law Offices of Amar S. Weisman at (410) 321-4994 to schedule a Free Consultation. The Purpose of the consultation is to determine whether you want to retain this law firm as your Baltimore County & Harford County Family Lawyer. If you do wish to proceed, then you must pay a retainer. See Our Policy on Fees and Costs. The family firm is located next to The Circuit Court for Baltimore County, at 1018 Dulaney Valley Road, Towson, MD 21204.