Dividing the family home during a Maryland divorce can be difficult for a variety of different reasons. Although the process can be challenging, though, there are some specific strategies that divorcing individuals can employ depending on the obstacle that presents itself.
For example, individuals who are legally married and not yet divorced (or not yet legally separated), may wish to purchase a new home to move into before the separation process has been carried out. Because these individuals are still legally joined to their future ex-spouse, though, the future ex-spouse would need to execute a quitclaim document, in order to release his or her interest in the new property.
Another challenge could involve an individual whose ex-spouse was awarded the home in a divorce settlement. If the ex-spouse has not been able to obtain a new mortgage for refinancing the other spouse off the original mortgage, the old mortgage could present a credit report challenge for the individual seeking to buy a new home. In order to completely remove one’s name off the old home, the ex-spouse must either sell the home or refinance it — which may be easier said than done in some cases.
There are other challenges that Maryland couples might face in the property division process. However, these and the above challenges are easiest to resolve when both spouses are able to maintain open communication throughout the separation process and/or make use of peaceful mediation services during their divorce. While this is easier said than done in many cases, those who can achieve a peaceful separation will save money and prevent unnecessary emotional turmoil in the long run.
Source: Fox Business, “How to Divide Your House in a Divorce” Jul. 14, 2014