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Staying in the marital home after a divorce

When Maryland couples decide to divorce, handling what to do with the family home can be one of the most challenging questions. It can be one of the most substantial assets held by a couple, and people may also have strong emotional ties to the house. Especially when kids are involved, parents may want to see their children remain in the same home if it is financially possible. There are a number of issues for people to consider before finalizing their decision.

The situation may vary depending on the amount of equity the couple has in the home. In some cases, the couple may have relatively low equity and the majority of the mortgage may still be due, while others own their homes free and clear. In order to properly understand the equity held in the home, couples can obtain an appraisal that targets a reasonable estimate of the home's value. From this, outstanding debts like mortgages or home equity loans can be subtracted in order to garner a clear understanding of how much equity the couple has to divide in the divorce.

The amount that one spouse will need to pay to the other spouse to buy him or her out may vary. In some cases, the spouse remaining in the home can disclaim other assets, like retirement funds or investment accounts, to cover the spouse's share of the home. In other cases, there may be relatively little equity in the house and the main issue is refinancing the existing mortgage into one person's name.

Dealing with the marital home in a divorce can be a complex process with many potential outcomes. A family law attorney can work with a client and advocate for a fair resolution of property division and other applicable issues.

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