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The marital home and whether to stay or sell it

When Maryland couples decide to divorce, they will often need to decide who will stay in the home or if they should instead sell it. People who are considering staying in the home might want to take a look at their finances before making the decision.

Divorced people must learn to live on their incomes alone without the help of their former spouses. It can take some adjusting in order to become comfortable with living on only one income again. If a house has a mortgage in both spouses' names, the person who remains in it will likely need to refinance it in his or her own name in order to free the other party from the obligation. It is sometimes difficult for divorcing people to get approval for refinancing with their lower incomes.

In situations in which the home is paid off, a person may still need to buy out the other party's interest. Even without a mortgage, people will need to think about whether or not their income is sufficient to pay for the upkeep, property taxes and utilities.

Buying out the other spouse's interest in a home may also mean that the person has to agree to give up more of the other types of assets in the property divisionpart of the divorce proceedings. For example, some people forgo their interests in their spouses' retirement accounts in order to keep the home. This may not be a good idea if doing so will mean that the person will then be unable to retire later on. People may want to get advice from a family law attorney about their situation.

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