For many couples, their Maryland home represents their greatest financial investment. Couples may decide to sell the home after a divorce due to a court order or to meet financial obligations. These tips can help you remain focused on the right choices during the sale.
Evaluate your financial decisions
The emotional attachment you associate with your home may make you want to keep it. If the courts will allow you to keep the home, you should examine whether that decision makes the best financial sense to you.
Consider these factors:
• Do you have other assets you can liquidate instead?
• How will you meet the court required property division?
• Will you be able to afford to keep up with taxes by yourself following the divorce?
Verify mortgage obligations
You may need to continue making mortgage payments while you attempt to sell your home. If the two of you cannot decide which one of you should make the payment, the court may need to intervene.
Consider your new housing
When you sell your home, you will need to find a new place to live. Carefully consider your financial situation before you decide what type of dwelling you will consider next.
The considerations you should keep in mind when choosing a new place to live include:
• Can you afford the type of down payment required to buy a new home?
• Will you be able to meet the monthly mortgage requirements?
• Will renting help you meet your financial goals instead?
In some situations, your spouse may offer to buy the home. If the spouse can refinance the home in their own name, this may offer you both the easiest solution to buying the home.
Larger financial picture
You must examine your decision to sell your home as part of your overall financial decisions. Any choice you make during the sale can either benefit or harm your financial future.