Divorce can be a challenging process, particularly when it comes to dividing assets, and especially when the divorcing couple has children. And, one way that some divorcing couples get through the process is by sharing assets. This raises the question, “Can they do this?” Yes. In Maryland, divorcing spouses can choose to share assets for the benefit of their children, which provides an alternative to the traditional property division process.
Understanding property division in our state
Maryland divides property in the property division process equitably, or in other words, family law judges divide fairly. This forces some parents to consider their children’s best interests when determining how to allocate assets to take the assets out of the traditional process to utilize those assets mutually for the benefit of the kids.
Sharing the family home
One creative asset sharing solution is “nesting” or “birdnesting.” In this arrangement, children stay in the family home while parents take turns living there according to their custody schedule. This helps maintain stability in the children’s lives, and if done effectively, it can avoid many of the negative psychological effects on children of divorced parents. How? Because the child’s life changes very little, other than only one parent being present at a time.
Sharing the family vehicle
Another practical example is sharing a family vehicle. Instead of selling the family vehicle, and each parent buying a new car, instead, the parents keep the family car. They can then share the existing vehicle to manage their children’s transportation needs effectively. In this arrangement, the soon-to-be ex-spouses share the costs of the family vehicle, and the parent caring for the children use it and switch according to the parenting schedule.
Legal considerations
It is important to understand the legal implications of asset sharing. Maryland law permits creative solutions in property division as long as they are in the children’s best interests and mutually agreed upon. Marital assets, including vehicles and real estate, are generally subject to division. Though, they can be taken out under the right circumstances.
Challenges and limitations
While asset sharing has benefits, it also presents challenges. It requires significant cooperation and communication between ex-spouses. Plus, financial stability and the ability to maintain joint ownership can affect the feasibility of these arrangements as not all families can afford it. Though, in theory, if done right, it could be cheaper than the traditional property division process.
Conclusion
Asset sharing in Maryland divorces offers a child-centric approach to property division. It allows parents to create arrangements that serve their children’s best interests and can ensure continuity and stability during a time of change. However, parents should carefully consider their unique situation before making any decisions.