You’ll make several decisions during your Maryland divorce. For example, you and your spouse might own a family home. If the house is considered marital property, you both must agree on what to do with it. There are a few ways to deal with a family home during a divorce.
Sell the home
If you’re certain about the divorce, you might want to go ahead and sell the home. The two of you can split the profits evenly or come to some other arrangement. Taking this step before filing for divorce will provide funds for things such as family debts, legal fees and a new place to live.
However, trying to sell the home once the divorce is underway might cause a problem. The matter of dividing marital assets can lead to conflicts. The court might block your ability to sell the home until all financial matters are settled.
Keep the home
You might want to keep the home in the family. If there’s no animosity about the divorce or between you and the other person, there are reasons why keeping the home might work. For instance, you might have children who you don’t want to uproot.
Keeping the home allows the children to remain in familiar surroundings. Staying in the family home also provides children with stability during an uncertain time. It’s possible to sell the home later, such as when the kids grow up.
Buy out the other person
Maybe you want to stay in the family home by yourself. In that case, you can discuss a buyout with your former spouse. This option requires you to pay your former spouse for their portion of the home. You’ll likely need help from a real estate agent to determine how much your former spouse is due to receive.
What to do with the family home is a big decision. For the best outcome, carefully consider all your options.