Legal Question in Real Estate Law in Maryland
Sell House AND Provide Child Support and/or Financial Support
We have joint ownership of the house.
We are both employed although I make significantly more than her.
My son is engaged, has a great job and great income.
My daughter is soon to be engaged and graduate college.
Suppose I wait until both of our children are married. Then we legally separate.
Here are my three basic questions:
(1) I assume we just split the house, correct?
(2) I assume there is no child support since they will be married, etc., correct?
(3) My wife has her own career (RN) and a decent salary (over $30K). However, I make three times that. Will I be forced to give her some portion of my salary?
Thanks.
1 Answer from Attorneys
Re: Sell House AND Provide Child Support and/or Financial Support
The answers to your questions:
1) Generally the presumption is that the house is a 50/50 asset if acquired during the marriage. However, MD is not a community property state and the court, if allowed to determine how to split up the property or its proceeds, can take the relative financial status of the parties into account in dividing up assets.
2)Child support ceases at age 18 or high school graduation.
3)Your wife may be entitled to alimony if she can demonstrate that she isn't self-supporting on her income. $30K doesn't go that far these days. Of course, if she gets enough in the property split, that would auger against alimony.
Your situation demonstrates the value of trying to negotiate a separation agreement so that these issues aren't left to court determination. You could do that now even if you don't contemplate
separation until your children's marriages take place. You'll avoid a lot of anxiety, pressure and most of all save a lot of money if it's done correctly.
Robert Sher
301 986-4555
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