I was married for 23 years - when I was divorced I was awarded money froom the sale of the house which I used to purchase a home with my future husband. My divorce took 3 years. I put $40,000 down on the home prior to our marriage and he is on the mortage but did not put any money down. I would not have qualified for the loan without his income at the time. I was also awarded part of my ex husband's 401 K and received that prior to my marriage and invested it. I just received what was awarded at the time of my divorce which was part of his pension in a lump sum and that is invested. Is my husband of 10 years entitled to a portion of that in the state of MD? Would I be entitled to the $40,000 downpayment? He refuses the leave the home and it will be financially difficult on my income to live on my own prior to selling the home. Are there any exceptions in separation agreements because of financial circumstances? Would I have to wait until the divorce is final for the sale of the house or for one of us to buy the other out? My husband does not have a retirement plan or 401 K - he is 40 and I am 54.
1 Answer from Attorneys
Re: Pre-marital assets
Your ex's pension benefits are yours alone. The down payment portion of the house is yours, including any appreciation in value generated by it. The rest of it is marital. A settlement agreement is whatever the two of you can negotiate--there are no set terms. As for the sale of the property, if you can't agree on a sale or buyout, the court will decide its fate at the divorce hearing.