A monetary award (judgment against a spouse) occurs upon divorce after the Court determines which property is marital and the marital property value. After taking these steps, a Maryland Court may grant a monetary award to one spouse as an adjustment of the parties’ equities and rights in marital property.
In addition to, or in lieu of, a monetary award, the Court may transfer ownership of an interest in a pension, retirement, profit sharing or deferred compensation plan owned by either party, including any survivor benefits. The Court may also transfer ownership of a family home or family use personal property.
The purpose of a monetary award and/or transfer of property is to correct any inequity created by the division of marital property based on property title. Therefore, if one spouse has more marital property titled in his or her name, a monetary award may be awarded to the other spouse to adjust any unfairness which would result from each spouse simply retaining property titled in his or her name.
- On July 16, 2012