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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.
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