Question pertaining to home equity distribution
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Question pertaining to home equity distribution
If spouse purchased home during dating
period, then within 1 yr to 1.5 years we
got married and together lived in
marital property for 16 years, does the
other spouse get any of the equity from
the home when getting divorced? House
deed/title not in both parties name
during marriage, both parties signed
paperwork for refinancing. How does
Maryland law look at the home equity?
Asked on September 30, 2018 under Family Law, Maryland
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
Geenrally, any propeety acquired by a spouse before marriage is considered to be the sole and seperate property of that spouse. However, a house that was owned by one spouse prior to the marriage can present a problem, since typically both spouses contribute to the maintenance and mortgage payments during the marriage. In some states, such "commingling" of marital and non-marital assets converts the home to a marital assets. In other states, the amount of equity in the home at the time of marriage remains the inheriting spouse's property, although the increase in equity value during the marriage is considered to be a marital asset property that belongs to both spouses. At this point, you should consult directly with a local divorce attorney who can best advise you further.
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
Geenrally, any propeety acquired by a spouse before marriage is considered to be the sole and seperate property of that spouse. However, a house that was owned by one spouse prior to the marriage can present a problem, since typically both spouses contribute to the maintenance and mortgage payments during the marriage. In some states, such "commingling" of marital and non-marital assets converts the home to a marital assets. In other states, the amount of equity in the home at the time of marriage remains the inheriting spouse's property, although the increase in equity value during the marriage is considered to be a marital asset property that belongs to both spouses. At this point, you should consult directly with a local divorce attorney who can best advise you further.
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