FAMILY LAW & REAL ESTATE

Legally married partners share various financial and tangible resources. Most married couples have joint bank accounts, equal responsibility for their mortgage and/or co-ownership of valuable assets (automobiles, family home, family business, etc.)

Once the marriage ends in divorce, legal proceedings decide how these assets will be distributed. The divorced parties can decide among themselves who gets what, and then sign off on a binding contract. When the divorce isn’t amicable or the couple can’t come to an agreement, It’s common for each party’s lawyer to take point on these negotiations, and reach a compromise in asset and property division.

How does the separation of these assets affect real property? It depends if the real estate is considered marital property or separate property.

Marital Property: If you or your partner purchased a marital home after getting married, and/or either of you bought the house solely for the sake of joint residence, than you’re both entitled to this real estate asset. This is also true for rental or commercial properties purchased during the marriage.

Separate Property: If you received gifts from a third party that isn’t your spouse, or you personally inherited any money, property or assets, then this is your separately owned property. This can include real estate owned before entering the marriage.

It’s in your best interests to prove what property you feel is yours separate of the marriage. If you and your ex can reach an agreement on the separation of assets and property, that’s all you need. But if you can’t work it out, property ownership and distribution will ultimately be determined by your family court judge which may or may not be a determination that is to your liking.

This is why, when it comes family matters and real estate, the smartest thing you can do is hope for the best but prepare for the worst. But whether you prepare or not, having the assistance of an attorney can help you find a solution that best fits the needs both you and your partner, and more importantly, your children.

How To Prepare For The Worst: Cohabitation And Prenuptial Agreements

When And How Do You Get a Cohabitation Agreement?

If you’re in a serious, long-term relationship, and you’re sharing the same living space as your partner, you should get a cohabitation agreement. Even if you and your partner don’t want to get married, it doesn’t mean you can’t legally protect your property and assets in the event of a break up.

Cohabitation agreements are a preventive measure for relationship problems. Not every relationship lasts forever. Should your relationship end, you and your partner will want clear directions that will provided for in a cohabitation agreement. You’ll know who gets what, who stays in the house, who needs to find another place to stay, and other common issues that need to be addressed.

Drafting a cohabitation agreement is as simple as agreeing to the terms of your relationship with your partner and putting them in writing. An attorney can make sure your cohabitation agreement is legally binding and enforceable. Hire a lawyer to officialize your working agreement or write a professional living together contract for you.

A cohabitation agreement is custom drafted to suit the living circumstances and preferred guidelines of the two parties entering the contract. . As your relationship evolves, you’ll accumulate more property, cash and assets – individually and separately. Use a cohabitation agreement to clearly define the division of your separate and shared assets.

Common points covered in a cohabitation agreement include but are not limited to:

• Ownership of Real Estate (i.e. who’s legally responsible for the primary residence)
• Responsibility of Individual and/or Shared Debt
• Distribution of Property and Assets Acquired Before Entering the Relationship
• Ownership of Individual Property and Assets Established Prior to the Relationship
• Distribution of Expenses (i.e. mortgage, utilities, etc.)
• What to Do in Case of Separation, Death or Dispute

Separation Agreements, Divorce, And Child/Spousal Support

No one gets into a marriage predicting they’ll get a divorce. But unfortunately, divorce and separation are a sobering ending for half of the marriages in America. When this happens, there are several issues that need to be addressed including the division of assets, child support/visitation, and spousal support.

Separation Agreement

A separation agreement is the documentation that classifies a married couple as legally separated. The agreement outlines the terms that both spouses must actualize before a complete divorce can be realized. These terms may include child custody, property ownership and alimony. As long as both parties agree to the terms of the settlement and sign the agreement, the division of property and real estate is final.

Divorce

Divorce is the legal termination and dissolution of a marriage. A divorce does not need to be agreed upon by both parties although often times, there is such infidelity, spousal abuse or other marital misconduct which are referred to as a fault-divorce. One the other hand, a no-fault divorce is when neither party must provide a valid complaint, but one party will testify to irreconcilable circumstances and the need to divorce. Although no-fault divorces call for courtroom testimony, many divorces are settled out of court with terms agreed to by both party’s legal teams.

After a divorce, your marital assets will be divided between you and your partner. In Maryland, the court decides a “fair” distribution of marital property and assets, also known as equitable distribution. This division is influenced by several factors, like child custody, earning power, anticipated financial needs, how much either partner financially contributed to the marriage and more.

Custody of Children and Visitation Rights

Children of divorce must have a legal guardian after their parents separate. If the divorce is amicable and both parties agree, joint-custody of children is a great solution. This allows the child to spend equal time with both of his parents. Typically, this involves the child or children splitting time between two residences, with both parents completely trusted with the child’s well being.

During a difficult divorce, like when one party isn’t qualified to care for their child, there will be a split, shared custody of children. In these arrangements, one party is responsible for the primary care of the children. These arrangements are usually decided by family court, unless one parent volunteers to relinquish their claim to full or joint custody of the child.

Unless a parent is deemed dangerous to a child or their spouse, family court will grant them visitation rights to see their child. These visits are often required as part of a divorce settlement. Visitation may be regulated or monitored by the court. The parent with primary custody of the child must legally comply with these visits, especially if they want to receive child support and/or alimony.

Child Support, Alimony and Spousal Support

When one parent receives full or primary custody of a child, the other parent may be court-ordered to pay child support. They’re required to send regular payments to the primary parent to help raise the child and off-set living expenses. Sometimes, when one parent retains custody of the children, they may be awarded full title to the family home as a means of child support.

If one party agreed to financially support their spouse during the marriage, the court may order them to continue providing financial support to their former spouse. This form of financial compensation is legally referred to as alimony or spousal support.