You enjoyed making happy memories in your marital home in Maryland, but with your divorce, you must decide what to do with your residential property. Do you know what your options are?
U.S. News & World Report explores ideas for handling the marital home in a divorce. Learn how to prepare for the next chapter of your life.
Keep the house yourself
Maybe your soon-to-be-ex has no problem leaving the marital home to you. If you like the sound of this, you must ask yourself if you can afford the cost of homeownership alone with your current salary. Go over past costs of home maintenance, upkeep, appliance repairs and the like to get an idea of how much you need to remain in the house by yourself. Also, add the cost of reapplying for a mortgage if your ex does not want to remain on the paperwork.
Sell the house now or later
If the current housing market bodes well, you and your former partner may put your property up for sale now. This may require paying for home maintenance and upkeep to make the property more appealing to potential buyers. It may make more sense to sell later, especially if you have shared kids whose lives you want to shake up as little as possible with your divorce. Selling later gives you time to find a new place, work out how to divide the equity with your ex upon selling and finalize your divorce.
If you have shared kids, you may try nesting so that they do not have to move. With nesting, one parent stays in the marital home with the kids while the other lives in a shared apartment that both parents pay for.
Think about how your marital home affects your post-divorce life. What you do with your property may influence your future more than you realize.