Here are some strategies to help you decide what happens to your family home in a divorce.
For many couples, especially those without children, who gets the family home is one of the most significant points of contention during a divorce. A house can be one of your most valuable assets, and the mortgage can be one of your largest debts. That means determining what happens to the house in a divorce can be complicated and emotional. Here are some strategies to help you decide what happens to your family home in a divorce.
Should You Sell Your House?
You do not have to sell the house in a divorce, but it may sometimes be the best choice. While many judges order homes sold to cover financial loose ends, other options exist. What works best for you depends on when the house was purchased, by whom, and how it was financed.
When is a Home Considered the Property of One Spouse
Maryland requires family court judges to equitably divide a couple’s marital property. This includes nearly everything either party acquired during the marriage. Generally, your home will be part of the marital property to be divided in your divorce. However, a home may be considered one spouse’s “separate property” if:
- One spouse owned the home before the marriage
- You did not use marital funds to pay for the mortgage, repairs, or improvements
Separate property is generally awarded to the person who owns it. However, Maryland courts weigh several factors in determining whether the property was comingled, so even if only one spouse’s name is on the title, you should speak to an experienced Maryland divorce attorney to figure out what happens to the house in a divorce.
Can You Divide a Home that is Marital Property?
Assuming your home is marital property, a Maryland family law judge has three options when deciding what happens to the house in a divorce:
- Sell the Home: The court can order you and your spouse to sell the home, pay off the mortgage and home equity loans, and divide whatever is left as part of the equitable division of marital property.
- Transfer the Title: The judge may order the title to be transferred to one spouse or the other. Typically, this will be the same spouse responsible for refinancing the property to remove the other spouse’s name and pay off the mortgage.
- Use and Possession: If you have children living in the marital home, the court may award the custodial parent use and possession of the home for up to three years after the divorce is final. At the end of this period, the ownership will return to whoever’s name is on the title.
The Right Lawyer Can Make All the Difference
Hiring a lawyer should be the first thing you do when encountering any legal matter, not a last resort. Whether you’re thinking about a separation or divorce or have been charged with a crime, been injured in an accident, or your civil rights have been violated, you need to first know your rights. Contact Mike Mastracci today at 614 Edmondson Ave Catonsville, MD 21228 (with satellite offices in Ocean City, Snow Hill, and Salisbury, Maryland), 410-869-3400, and check us out on Facebook.