Throughout your life, you may have acquired various assets and property. If you have been married for several years, it is likely that a significant portion of your assets may be marital property. Marital property typically includes property acquired during the marriage regardless of which spouse purchased the asset, and regardless of which spouse is “named” on the asset.
During a Maryland divorce proceeding, upon request of either party, the court can make a determination regarding the division of marital assets. Under Maryland’s equitable distribution doctrine, the Court will divide the property equitably, with each party receiving assets and property that fair. Fair and equal, are not necessarily the same terms when it comes to equitable distribution, and the court can take into consideration each spouse’s contributions during the marriage and need following the divorce.
In situations where parties jointly own real property, and they cannot agree on what should happen with the property, a court may issue an order requiring that the real property be sold, pursuant to a sale in lieu of partition in Maryland.
What is a sale in lieu of partition in Montgomery County, Maryland and Prince George’s County, Maryland?
A motion for a sale in lieu of partition can be filed requesting that the Maryland Circuit Court issue an order requiring the sale of real property, and dividing the proceeds from the sale of the property. For example, if the husband wants to sell the marital home but the wife wants to buy out the interest of the husband and keep the property but does not have the financial ability to buy out the husband’s interest, the husband can request a sale in lieu of partition in Maryland. Under Maryland Rule 12-401, The this process states that “the court shall order a sale only if it determines that the property cannot be divided without loss or injury to the parties interested.”
Can You Petition for a Sale in Lieu of Partition Rather than equitable distribution?
If your petition for sale in lieu of partition is successful, then the property’s value may need to be assessed by court-appointed commissioners or trustees. If the court appoints commissioners, then the sale will be handled through judicial auctions which will likely result in a smaller total amount of money. If the court appoints a trustee, then the sale will be handled through a regular market process. Both of these have different results for the couple so a recommendation should be properly petitioned for.
What Costs are Associated with Requesting a Sale in Lieu of Partition in Maryland?
If commissioners or trustees are appointed there will be an additional cost assessed for the trustee’s role in assessing in selling the property. These costs will be come out of the overall sale of the property. There are costs associated which the parties must bear including commissioners’ fees, attorneys fees and any other relevant cost.
If You Are Considering Seeking a Sale in Lieu of Partition in Maryland, Contact an Experienced Montgomery County, Maryland or Prince George’s County, Maryland Attorney Today
If you want to know more about marital property division and requesting a sale in lieu of partition in Maryland, you should contact the Law Office of LaSheena M. Williams, LLC to discuss your options. If you need the assistance of an experienced Maryland sale in lieu of partition attorney contact the Law Office of LaSheena M. Williams at (301) 778 – 9950 or request a consultation today.
Our firm passionately represents clients across Rockville, Bethesda, Gaithersburg, Silver Spring, Takoma Park, Chevy Chase, College Park, Cheverly, Greenbelt, Oxon Hill, Hyattsville, Upper Marlboro, Largo, Bowie and surrounding communities.