Legal Question in Family Law in Maryland
How will marriage effect Property Onership
I am planning to get married in 2004 and I would like to know how my marriage will effect ownership property that I own jointly with my parents. My Parents and I jointly purchased a home this year and are in the process of adding an ''in-law'' apartment to the property, which we expect to be completed later this year. In 2004 I am getting married. How will my marriage effect the property that I already own? If my future husband and I were to divorce would he be able to claim part of the equity in the house? Would we be required to sell the house and divide the proceeds?
2 Answers from Attorneys
Re: How will marriage effect Property Onership
Maryland FAMILY LAW Code Ann. and the Uniform Premarital Agreement Act outline that equity and fairness prevail with the judicial decision on these matters. Property acquired before marriage or through properly effected agreement are not subject to division upon divorce. Contact an attorney for asssitance with a pre-marital agreement. (410) 799-9002
Re: How will marriage effect Property Onership
The answer to your question depends on how much of the equity in the house you have at the time of the marriage and whether you make mortgage payments or significant improvements on the house during your marriage. If you and your parents buy the house now, and you own it outright with no mortgage at the time of the marriage, no part of it would be marital property in the event of a divorce unless you and your husband have invested money earned during your marriage on improvements (not maintenance). If your parents pay the mortgage payments, and you do not, your husband would have no financial interest in the house, regardless of any appreciation in value, unless you and he make improvements. If you or your husband makes mortgage payments during your marriage, then a fraction of the equity could be considered marital property. Since you and your parents would own the home together, the court would almost certainly not order it to be sold, but the amount of the marital property interest in the property would be included in calculations of a possible monetary award to be paid by one of you to the other, based on the extent of all marital property (which means all property of any kind owned by you and your husband, together or separately, acquired during the marriage other than as a gift or inheritance from a third party) and the percentage each of you owns or possesses at the time of a divorce.
I hope you have a happy marriage and no divorce.
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