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Making informed decisions about the family home during a divorce

On Behalf of | Aug 2, 2021 | Family Law

Dissolving a marriage can be a stressful process that could leave you facing a variety of difficult choices. Even if you are eager to open a new chapter in your life, taking the time to evaluate every essential topic could prove integral to helping you better prepare to protect your future during legal proceedings. 

One topic that may often prove a significant concern during a similar life change could pertain to making decisions about the family home. While this asset could hold vast sentimental worth, keeping it might not always be preferable, or even possible, and covering all your options in this regard could be vital to safeguarding your interests. 

Topics to address 

There may be several topics to consider prior to making a final decision about how to handle the family home during the end of a marriage. Some things to keep in mind as you prepare to make such a decision may include: 

  • Mortgage concerns:  Addressing mortgage concerns could be important if you wish to keep the family home, and some topics to consider may include your eligibility to refinance the mortgage and the possible costs involved. 
  • Costs of ownership:  In addition to addressing mortgage payments, evaluating the possible costs of upkeep and maintenance involved with owning the home may also play a role in making an informed decision. 
  • Negotiations:  As the home could account for a significant portion of your marital wealth, if you wish to seek sole ownership, it might be necessary to relinquish possession of other assets in exchange. 
  • Option to sell:  There may also be certain scenarios in which selling the home and splitting the proceeds could be the most favorable option available, and considering this option could also be vital to safeguarding your future. 

It may also be helpful to evaluate the costs of obtaining new living arrangements in Maryland as this could influence the decisions you make while preparing for negotiations. 

Protecting your future 

It is no secret that the outcome of the end of your marriage could affect your life in various ways. As such, taking time to carefully evaluate all your options could be crucial to helping you prepare to make decisions that best align with your needs and interests. Not only could this help limit stress, but it could also help place you in a position to safeguard your future during legal proceedings and enter the next stage of life with confidence.