Buyout Approval, Contribution to Value in Question


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Question:

Can my spouse be granted a buyout of my house with my name on it solely, even if I bought the house before marriage? Also, would they need to prove that they contributed from strictly their own money that they assisted in enhancing the property value?

Answer:

Baltimore attorney Ashley J. Ward

While I am not licensed to practice law in your state, I am able to provide some insight due to my experience in family law. Marital Property is typically anything that was acquired regardless of title during the marriage. If this home was purchased prior to the marriage and your spouse’s name was never put on the deed or the mortgage title, then by definition it is not martial property, so there is no need for a “buyout”.

To your second question, yes. Because they contributed to the home, they have a martial interest in any equity (provided that there is equity) that occurred due to their contribution. If they can prove this, then they could possibly have a right to a monetary award. If the monetary award cannot be deducted from a standing source of money, the next option would be to refinance the home, so that they can receive their award.

To arrange an initial consultation to discuss divorce rights for men with a Cordell & Cordell attorney, including Maryland divorce lawyer Ashley J. Ward, contact Cordell & Cordell.

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