What Are the Procedures for a Trustee Divorce Sale in Maryland?

By Jennifer Williams

Property owned jointly by Maryland spouses is subject to equitable distribution in divorce. If spouses cannot reach a mutually agreed-upon property settlement agreement, the court may order the jointly owned property sold and proceeds divided. Often the court appoints a trustee as an impartial third party to oversee the sale.

Step 1

Negotiate with your spouse to arrive at a mutually agreed-upon property settlement agreement. This might involve one spouse buying the other out of assets, such as the marital home. If you cannot reach an agreement, identify the jointly owned property that must be divided between you.

Step 2

Petition the circuit court in which your divorce is proceeding for an order directing the jointly owned property to be sold. Ask the court to order the proceeds divided equally between you and your spouse and appoint a trustee to oversee the sale. You also have the option of asking the court to award you a greater share of the property, based on the individual circumstances of your case. Alternatively, you may ask the court to allocate the proceeds along with all other property in the final divorce decree.

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Step 3

Obtain a blank trust document from the Maryland Court of Appeals website or an online legal document provider. Fill in the blanks with the requested information to create a trust. You can also hire a lawyer to help you complete the document. The name of the court-appointed trustee, your names and a list of property to be transferred into the trust are generally required. Transfer property to the trust by deeding real property into the trustee's name and retitling any automobiles into the trustee's name.

Step 4

Wait for the trustee to sell the trust property. Compensate the trustee with a percentage of the proceeds from the trustee sale. Divide the remaining proceeds equally between you and your spouse.

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Texas Deed of Trust Laws
 

References

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