The property division aspect of marital dissolution can be a challenging thing to work out. Not all couples in Maryland can come to terms with which they both agree are fair or reasonable. This is particularly true when dealing with multiple pieces of real estate. Who gets the vacation home in divorce?
Maryland is an equitable distribution state
When a couple in Maryland chooses to end their marriage, they must abide by equitable distribution laws. This means that both parties should walk away with a fair share of their marital property. It may not be an exact 50/50 split.
Separate or shared property
Separate property is protected and not subject to division laws. Separate property is anything acquired by either party before tying the knot. Shared property is just about anything acquired after getting married. There are a few exceptions to this. Gifts, real estate, an inheritance or anything protected by a pre or postnuptial agreement are generally considered separate property.
Real estate options
If a vacation home is considered marital property, there are a few options for what to do with it when getting a divorce. The couple can sell it and split the proceeds, they can work out an agreement to share it or one party can keep it. If one or both of them opt to keep it, they’ll just want to make sure that it makes sense financially to do so. If it is considered separate property, the spouse to whom it belongs should get to keep it without question.
Getting a fair settlement is possible
There are a couple of ways to reach settlement terms when working through a divorce. Private negotiations, mediation or the collaborative law method are great options for individuals who do not wish to go to court. Litigation is sometimes necessary when these other options fail. With the assistance of legal counsel, it is possible to reach fair and equitable settlement terms, even when dealing with high-value or complex assets such as a vacation home.