The division of property in a divorce proceeding can be complex. Maryland is an equitable distribution state which means that the court does not divide property equally between spouses, but equitably. The court will determine what is fair in a particular case. Marital property is property acquired during the marriage regardless of which spouse purchased the asset, and regardless of which spouse is “named” on the asset.
What Is A Sale In Lieu of Partition in Montgomery County, Maryland and Prince George’s County, Maryland?
A Sale in Lieu of Partition in Maryland is a court ordered action that divides property fairly between the owners by means of a sale. In certain situations, the court can order a property to be sold if it determines that the property cannot be divided without loss or injury to the parties involved. The court can appoint a trustee or commissioners to determine the value of the property and to divide it. This can occur when one owner of a property wants to sell and the other owner does not or when there is a disagreement regarding payment between the two parties.
How Does a Sale In Lieu of Partition in Maryland Work?
In Maryland, a Sale in Lieu of Partition is enforced when the court orders the sale of a property. Once ordered, the property’s value is assessed by court-appointed commissioners or a court-appointed trustee. Unless waived, the court will appoint either a commissioner or a trustee, to assess the value and divide the property. Once the value is determined, the appointed party will file a written report detailing the appraisal.
Is A Sale in Lieu of Partition My Solution?
A Sale in Lieu of Partition can be a solution to your problem, but make sure you fully understand the process. A Sale in Lieu of Partition can incur expenses that will be shared by all co-owners. Payments for the appointed party’s compensation, fees and costs may be included in the sale. Once purchased, the commissioners and/or trustees are paid and the remaining balance is then split among co-owners.
Contact Our Experienced Maryland Family Law Attorneys Regarding Your Sale in Lieu of Partition case in Montgomery County, Maryland and Prince George’s County, Maryland
If you have questions or concerns about a Sale in Lieu of Partition, please contact the Law Office of LaSheena M. Williams, LLC today. You can reach attorney LaSheena M. Williams at (301) 778-9950 or by leaving an online request for a consultation.
Our firm fervidly 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.