Divorce is complicated, challenging and emotionally draining. It can also be financially draining, particularly when it comes to dividing assets. Maryland law divides marital property in a way that is fair (equitable distribution), but this can make the property division process scary since it is a black box as to what a judge will ultimately decide. As such, many parents look for ways to keep assets out of the process and whether assets used primarily for the kids can be shared post-divorce.
What about the family home?
“Nesting” is a unique approach to co-parenting during or after a divorce. It involves the children staying in the family home while the parents take turns living there. This arrangement aims to reduce the disruption to the children’s lives as the kids stays in the home, and it is the parents that come and go according to the parenting schedule.
In Maryland, courts can grant one spouse the exclusive right to live in the family home for up to 3 years after the divorce. The final decision on the home’s disposition depends on various factors, including the overall division of marital property. Though, if the couples can come to an agreement prior to court, the court will usually honor their property division wishes, including sharing the family home.
What about the family SUV or minivan?
Vehicles acquired during the marriage are considered marital property. If a family SUV or minivan is primarily used for the kids, sharing this asset post-divorce can be practical. If the spouses can come to an agreement here too, the family law court will generally honor it as well.
Kid’s clothing
Children’s clothing, like other household items, is classified as marital property. Post-divorce, the custodial parent typically provides for the child’s basic needs, including clothing. However, parents can agree to share the responsibility of providing clothing for their children, ensuring both parents contribute to the child’s wellbeing. Though, if nesting is used, the kid’s clothing stays put.
Conclusion
While Maryland law sets guidelines for asset division in a divorce, parents have some flexibility regarding assets primarily used by the children. Sharing these assets can provide continuity and stability for the children during a difficult time. But, if the parents can come to a consensus, again, the courts will generally honor those written agreements.