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Law offices of Dwight W. Clark L.L.C.
Law offices of Dwight W. Clark L.L.C.

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How to keep the family home in a divorce

| May 13, 2020 | Blog, Divorce |

Maryland spouses who are getting a divorce often are faced with a decision about what to do with the family home. The first question is which spouse gets to remain in the marital home. After that, the question then becomes how the spouse who gets to stay will be able to buy out the other spouse’s interest.

Initially, the spouses will need to decide on a valuation for the home upon which the amount that needs to paid is based. Coming up with a house value is not always easy since the spouse who is staying in the home will need to pay the other depending on that valuation. The calculation will usually be a function of the home’s value minus the amount that is still owed on the home. This becomes the equity that belongs to each spouse proportionally.

Then, the spouse who wants to keep the home must decide whether they can afford the home. In some cases, they may need to give up a large deal of the rest of the marital assets in order to buy out the other spouse. They will need to consider whether it is possible or feasible. Sometimes, the best thing to do is walk away and sell the home no matter the sentimental value because keeping it may prove to be too costly.

Those who are going through a divorce and own a house may retain a divorce attorney to help them address issues relating to the marital home. There may be a dispute over who gets to stay in the home or how much each spouse gets from the home’s equity. These matters may be best dealt with through negotiation. The attorney may assist their client in working out a deal or take the case to court if necessary.