It is common for both spouses to want to keep the marital home in a divorce. Of course, this is usually not practical.
Maryland, like many states, follows equitable distribution laws. Assets acquired during the marriage typically undergo fair but not necessarily equal division. Keep a few things in mind if you are in talks to keep the home.
1. Your financial situation
Both spouses should comprehensively understand their financial standing. This includes assessing the mortgage balance, property value and any outstanding debts associated with the home. Both of you also need to have a handle on your income, any possible child or spousal support matters and overall ability to make house payments on your own. Would a bank approve a refinance in your name only, for example?
2. The emotional aspect
The marital home often carries emotional significance for both spouses. Acknowledging and understanding these emotions can foster empathy and facilitate more amicable negotiations. It may help to explore alternative living arrangements or seek counseling to cope with the emotional strain of potentially letting go of the house.
3. Buyout options
In a buyout agreement, one spouse purchases the other’s share of the property. To determine a fair buyout amount for your negotiations, consider factors such as the home’s current market value and any outstanding mortgage obligations. In Glen Burnie, the median house value is $312,200.
4. Co-ownership arrangements
For some couples, co-ownership after a divorce may be possible. This arrangement entails both spouses retaining joint ownership of the property, often until certain triggering events occur. Examples include the sale of the house or the youngest child reaching adulthood. Co-ownership agreements should outline each party’s responsibilities regarding mortgage payments, maintenance and potential future sales.
It helps to approach negotiations with open communication and a willingness to explore creative solutions. Couples can hopefully reach a resolution that meets their individual needs and preserves their financial stability.