Legal Question in Family Law in Maryland
Dividing proceeds of marital home
My divorce was final about ten years ago and the way it is written, when the marital home is sold (which my ex-husband has been living in), he gets all kinds of credit for paying the mortgage and i only get a very small portion of the proceeds. Everyone else I know has to buy their ex out in order to sell. Apparantly I got screwed and I would like to know if there is any way, any loophole, any anything, that can be done to change the way the proceeds will be divided. Thanx so much for your help! :)
1 Answer from Attorneys
Re: Dividing proceeds of marital home
It sounds like you made a very bad agreement when you got divorced. Perhaps you received the lion's share of other assets at that time, or had other reasons for making this agreement. At this point, if your ex has lived up to his responsibility under the agreement, you'll be obligated to live up to what you agreed to. But look at it this way: it's fair that he get credit for the appreciation in the equity that has occurred since the divorce, and the pre-divorce equity should be equally divided. You should have determined the value of the house at the time of the divorce and come up with an amount reflecting your share of the equity to which you would be entitled upon the sale of the house.
Also, unless the house was needed for all these years to house children, he should have been required to either buy you out then or to sell in a much shorter period of time.