Get the latest news, exclusives, sport, celebrities, showbiz, politics, business and lifestyle from The VeryTime,Stay informed and read the latest news today from The VeryTime, the definitive source.

What Are the Procedures for a Trustee Divorce Sale in Maryland?

32

    Filing for Divorce

    • A Maryland divorce action starts with one spouse, the plaintiff, filing a complaint against the other spouse, who will be the defendant, in the state's circuit court. The court issues to the defendant a summons that serves notice of the action. The defendant also receives a copy of the complaint that explains the grounds for the divorce. It also may propose items the plaintiff intends to ask for in the divorce, such as spousal support. The defendant responds by filing an answer with the court.

    Marital Property

    • Maryland state law defines marital property as that acquired by one or both spouses during the marriage. The law excludes property either spouse acquired before the marriage or received as a gift or inheritance. The law also excludes property that was acquired during the marriage if both spouses agreed it would not be marital property.

    Property Division

    • If the spouses reach an agreement about how to divide their assets, the court rules on that agreement to make it binding. If the spouses are unable to reach an agreement, the court has several options. It can order that the marital home or pension funds go to one spouse or the other. It can also order the sale of assets so the proceeds of the sale can be divided equitably. At its discretion, the court may appoint a trustee to oversee the sale. The spouses are the beneficiaries of the trustee's sale.

    The Trust

    • According to Maryland code, a trust is created by a written declaration that identifies the property, the trustee and the beneficiaries. The trustee may manage the sale as she sees fit, but she must act in the beneficiaries' best interest and put their interests above her own. The trustee may charge an upfront fee for her services or accept payment from the proceeds of the trustee's sale. The trustee's fee reduces the amount available for settlements dollar for dollar -- if the proceeds are $100,000, for example, and the trustee's fee is $10,000, only $90,000 will be left for the spouses to divide.

Source...
Subscribe to our newsletter
Sign up here to get the latest news, updates and special offers delivered directly to your inbox.
You can unsubscribe at any time

Leave A Reply

Your email address will not be published.