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What is a Monetary Award?
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.
Maryland law requires equitable distribution of property in a divorce. The court determines a fair award of property and debt. Unless the couple can reach a settlement, the court divides the marital property, pension, retirement, profit sharing or deferred-compensation plans. The court considers contributions of each party, the well being of the family, the property value, the economic circumstances of each spouse as well as current situations such as age, mental state, the duration of the marriage, and the interest each party has in the property.
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