Unfortunately, not all Maryland marriages last forever. When a divorce becomes imminent there are many issues that need to be worked through. If a couple owns a home together a person may wonder who will pay the mortgage after the divorce.
Are there any options?
There are some options on what happens to the family home after a divorce:
- The couple sells the home. In this case, the home is sold and the couple splits the proceeds. Neither spouse is responsible for the mortgage on the home anymore.
- The home is refinanced in one spouse’s name. In this case the one spouse who is listed on the mortgage will now be in charge of it.
- One spouse remains in home and the other spouse makes the payment. A divorce agreement may spell out this option which can be a problem if the one spouse does not continue to make the payment. If the mortgage payment is not made it can result in a credit score disaster.
A legal professional who specializes in divorce can help their client understand their options when it comes to asset allocation, including the family home.
Make an informed decision
Although there may be years of memories attached to the home it is important to make a good decision that makes sense for their client’s emotional and financial well-being. A divorce can be one of the hardest times in a person’s life, so having a legal advisor who understands what a person is going through can be important. They can advise their client on their best options both now and into the future, ensuring that they will be able to emerge from the divorce ready for a fresh start.