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What to do with the marital home when getting a divorce?

Many couples in Maryland who are considering or working through the divorce process own homes. The marital home is usually one of the most substantial assets that a couple may share. Unfortunately, deciding what to do with such an assets during a divorce can be challenging.

For a lot of couples, selling the marital home may seem like the best option. By doing so, both spouses can split the profit, if there is one, and walk away with nothing holding them legally responsible for the property. Seems like the ideal solution, but this does not work for everyone.

There are cases in which one spouse may want to hold on to the property. Children may be involved that he or she wants to keep in a stable and familiar environment, or he or she just really loves the home. If this happens, the spouse not remaining in the home may want to request that the spouse keeping the house purchase the property so that only his or her name is listed on the mortgage. This would release the other party from legal and financial responsibility.

In other instances, mortgages may be underwater and few options may seem to exist that will not hurt financial standings. Thankfully, there are options available to deal with such situations. These include short sale, renting out property or simply continuing to live in the home until the real estate market is better.

When getting a divorce, figuring out what to do with the marital home and other property division concerns can be time consuming and frustrating. One's legal counsel can help with such matters by offering guidance on how the division of property will affect not only other aspects of the divorce settlement but also one's future financial situation. With assistance, divorcing couples in Maryland can make the best decisions for their particular circumstances.

Source: Time, "What Happens to Your Mortgage in a Divorce?", Ashley Eneriz, March 29, 2016

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