Legal Question in Family Law in Maryland
uncontested divorce property separation
Hello, my wife and I have decided to divorce after 8 years. We have purchased a townhome as well as a single family home during this time. She has decided to live in the single family and I plan to live in the townhouse. Due to the market recently, the single family home value is upside down somewhat but there is a large amount of equity in the townhouse. Does it sound fair for me to agree to have both properties assessed then whatever the total equity is split that amount in half with my wife? I can't afford an attorney at this time but this is what I was thinking about doing.
1 Answer from Attorneys
Re: uncontested divorce property separation
Generally if a couple purchased properties during a marriage and used marital funds to do so, and continue to maintain the properties with marital funds, usually from earnings, a court would split the equity in the properties equally. So you are on the right track. However, you should also take into account the value of other assets that are marital in nature--such as retirement/pensions plans. Of course, you could agree to simply waive your interest in hers and vice versa.
A well drafted agreement by an experienced family attorney can be very reasonable in cost unless there is a lot of negotiation involved, and is well worth the cost.
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