Monetary Award in Maryland
What is a Monetary Award?
A Monetary Award is a court order for one spouse to pay money to the other within a set period of time. If the court determines that one party has more of the property in their name it may result in that party being ordered to pay money to the other party to rectify any unfairness created by the way the marital property happens to be titled.
How does the court calculate a Monetary Award?
The Court looks at a number of factors before awarding a monetary award, including, but not limited to:
- The monetary and non-monetary contributions of each party to the well being of the family;
- The value of all property interests of each party;
- The economic circumstances of each party at the time the award is to be made;
- The circumstances that contributed to the breakdown of the marriage;
- The duration of the marriage;
- The age of each party;
- The physical and mental condition of each party;
- How and when specific marital property was acquired and the effort expended by each party in accumulating the marital property;
- The contribution by either party to the acquisition of real property held by the parties as tenants by the entirety;
- Any award of alimony and any award or other provision that the court has made with respect to family use personal property or the family home; and
- Any other factor that the court considers necessary or appropriate to consider in order to arrive at a fair and equitable monetary award or transfer of an interest in marital property.
See also Property Division