The primary worry of divorcing couples is the separation’s impact on their children. It is a traumatic situation, and the last thing you want to do is move them away from the familiarity of their home and neighborhood.
What are the pros and cons of trying to keep the house in your divorce?
Property division in Maryland
Maryland uses the method of “equitable distribution” when it comes to dividing marital property. Rather than everything being split down the middle, the court will divide the property in a manner believed to be fair based on various factors such as each party’s financial situation, including mortgages and debt, their contribution to the marital property and which parent will provide the primary residence for the children, if applicable.
The decision to keep the family home is another factor in determining how the marital assets will be divided. The parents may feel that keeping the home will provide stability for their children. Remaining in the same house allows the children to maintain their routines, which is crucial amidst the upheaval of divorce.
Keeping the house may also be a good investment. It could be a smart financial move if it has appreciated in value or is located in an area with increasing property values.
One of the biggest drawbacks of keeping the house is the financial burden. If you are living on one income after the divorce, then mortgage payments, property taxes, utility bills and maintenance can strain your budget.
You may also have to buy out your spouse’s share, which may involve giving up other marital assets, such as retirement investments or savings accounts, to ensure the fair division of property. You have to consider if you can remain in the home without compromising your current and future financial well-being.
Before making any decisions, it’s essential that you speak with someone who can help you review your options and provide an honest assessment of your ability to keep your home and that you receive all the marital assets you are entitled to.
