In many walks of life, people say that “timing is everything.” In civil lawsuits, timing isn’t everything but it definitely is a very important thing. That’s especially true in divorce cases. When it comes to things like alimony and monetary awards, the date used for evaluating the spouse’s assets is key. Sometimes, even just a difference of only a few months can alter the outcome by thousands of dollars. As with any essential detail of your divorce case, a knowledgeable Maryland divorce lawyer can help you identify the correct date and, in the process, get you a fair outcome.
Maryland law requires a trial court, before imposing a monetary award as part of a divorce, to engage in the three steps. First, the judge must identify what property is the husband’s, what is the wife’s, and what is marital. Second, the trial court must decide the value of the marital property. Finally, if the judge determines that simply dividing the marital assets “according to title” would yield an unfair result, then the judge adds a monetary award to the spouse who received the lesser group of titled marital assets.
In S.L. and T.L.’s divorce case, the trial court in Prince George’s County went through all those required processes. The court determined that, of the couple’s $1.24 million in assets, $553,000 was titled in the husband’s name, $86,000 was in the wife’s name, and $602,000 was titled in the spouses’ names jointly. After subtracting the couple’s marital debt, the judge ultimately awarded the wife a monetary award of $50,000.