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What happens to your home in a divorce?

On Behalf of | Mar 23, 2022 | blog, family law |

Ending your marriage in Maryland can be a complex affair. There may be a great many variables that will need to be resolved. One of them may be what becomes of the home you both lived in. This is a question whose answer will depend on a number of factors. Some of the most common of these will be discussed below.

Who gets custody of the house?

Maryland is an equitable distribution state. This means that, after your divorce, everything you own is subject to division by the court. The division will be made according to the needs of both parties. Your house will very likely be among the assets that will be divided. A prenuptial agreement may forestall this by offering documented proof that the home was your property before you married.

How to dispose of the home after divorce

Your divorce may turn out to have a silver lining. It can afford you a way to improve your finances by letting you dispose of the home and split the proceeds.

If you have debt issues, this can be a good way to take care of them. You can agree with your former spouse to divide all of your assets straight down the middle. You can give them the home in exchange for something of equal value.

You can also choose to buy out your former spouse. You may wish to do this in order to stay close to work or other family members. Whatever the reason may be, buying out your spouse will allow you to stay in the home past your divorce.

You may also wish to simply sell the home and split the proceeds. This will end with you both moving. However, the proceeds may make the inconvenience well worth it.

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