What Is A Joint Property Statement?
A joint property statement is an assertion that you and your spouse make to the court regarding assets and liabilities in your marriage.
What Is The Purpose of A Joint Property Statement?
Typically, you will file a joint property statement if there is a dispute regarding property in your marriage. The purpose of the joint property statement is to give the judge an understanding of what the key assets are, how those assets are valued, what liabilities are tied to those assets, and what the current title of those assets are.
Defining The Property Title
Defining the title or the named owner for an asset is key on your joint property statement. You and your spouse may have a different assertion regarding who is actually on the title, however, the title is who is the named owner. For example, you and your spouse may both have an interest in a house but only one partner may be on the title or you and your partner may have an interest in a retirement account but that retirement account is through your spouse’s employment. The title for that retirement account will belong to your partner, although both of you have an interest.
Defining The Value
It is important to define the value of your assets. Depending on what type of assets you have in your marriage will impact how you value those assets. Some assets may be better valued using an appraisal, other assets may be better valued using some sort of online reporting system. For example, if you want to determine the value of your car, you may want to check Kelly Blue Book.
What If We Don’t Agree On The Value or Title Of The Property?
Very often at the end of a marriage it’s very hard to agree on almost anything. Specifically, it’s hard to agree on the value of certain assets, especially if one partner cares more about that asset than the other partner. You’re not required to value your assets the same on your joint property statement. So, even if your partner is certain that a certain asset has no value or very high value, your assertion for the value stands. If you and your spouse are not in agreement regarding the value or title of your asset, then it’s your obligation to prove to the court that the value or title you’re certain is accurate. If you have a deed that would corroborate, if you have a car title that would corroborate, if you have an appraisal that will also corroborate. You must provide proof to show that your standpoint or assertion is accurate.
Contact An Experienced Maryland Divorce Attorney Today For Your Joint Property Statement In Montgomery County and Prince George’s County, Maryland
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