The family home may be one of the most valuable assets a married couple in Maryland owns, making it a major sticking point for couples who decide to divorce and are now facing the property division process. The following is a brief overview of some options to consider when dividing the family home.
One spouse keeps the home
Sometimes one spouse wants to remain in the family home following the divorce. If one spouse is awarded the family home in the property division process, they generally need to buy out the other spouse’s share in the home. In addition, before choosing to keep the family home, it is important to make sure you can afford a mortgage, costs of upkeep, homeowner’s insurance and property taxes once you are on a single income.
Both spouses keep the home
This option may be attractive to couples with children who want to keep raising their children in the family home and then sell it after the children are grown. However, it is important to understand that this option means you will still be tied to your ex for years even though you are divorced. In addition, couples who choose this option will have to reach an agreement on who will be responsible for what household expenses.
The home is sold, and the spouses split the proceeds
Finally, sometimes it makes the most sense to sell the home and divide the proceeds from the sale. This provides couples with a clean break from one another. However, it is important to take any tax consequences from the sale into account. In addition, you will want to make sure you have good credit and the financial security to either rent a home or purchase one on your own.
Making the decision regarding the family home that is right for you
Ultimately, there are a variety options to consider with regards to the family home in a divorce. What is right for one couple may not be right for another. It can help to seek professional advice when it comes to property division and divorce so that you can make informed decisions moving forward that are in your best interests.