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What is a Monetary Award?
(provided by Ranji M. Garrett, Esq.)
A monetary award is an order from the court giving to one party a financial award in an absolute divorce case. There is a three step process the court goes through to determine whether or nor a monetary award is appropriate. First, the court determines what property is marital and what property is non-marital. Second, the court determines the value of the marital property. Third, the court decides if the division of marital property according to how the property is titled would be unfair. If so, the court may make a marital award to rectify any unfairness created by the way in which the marital property happens to be titled.
This article is general in nature and you should check with a lawyer in your community for specific legal advice once the facts of your specific situation are taken into account.
Information provided by:
Ranji M. Garrett, Esq. located at
http://www.rgarrettlaw.com
Go to: Maryland Articles and Resources
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