Legal Question in Family Law in Maryland
My wife and I are living separate. We do not yet have an agreed upon separation agreement. We have been married 12 years , have lived in Maryland the whole time.
My question is , if her parents had their 2 homes transferred into my wife's name soley (2 years ago, Estate Planning Purposes. They were not gifted)
Would those 2 properties be considered marital property? Am I entitled to rights to the equity in those homes?
1 Answer from Attorneys
No. Property acquired during the marriage by one spouse without consideration is considered a gift, even though the parents did it as an estate planning device. By the way, by doing this your wife will be exposing herself to a potentially higher capital gains tax if she sells the properties, than if she had just acquired them through her parents' estate. I assume neither of you has incurred any expenses to maintain these properties. In order for you to have a claim to a share as marital property, you would have to establish that the parents intended for you to benefit from the transfer, which is unlikely.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
