Sharing a home together with your spouse, no matter how long you were married, can bring up a fundamental question during a divorce. That is, “who gets the home?” It is not uncommon for both parties to want a home or for only one party to want to retain the home after a divorce.
However, neither party wanting the home is also something that happens often in divorce. Perhaps neither spouse can afford the home alone, so keeping it is not possible. Or, maybe moving forward and starting life wholly fresh and new means getting rid of everything that was once shared, including the home.
Regardless of the reason why each spouse decides that they do not want the home, the issue that has to be dealt with in this situation is what will happen to the home. There are a few options to consider, and making the right decision is essential. If both spouses are on the original loan and, for any reason, fail to continue to pay for it, foreclosure could take place. This will adversely impact each party.
Divorce is usually not an easy life experience, and it tends to come with several considerations that can have weighty consequences for each party’s life. Cutting ties with an ex cleanly and preserving your interests and financial well-being is of the utmost importance.
Read on as the Maryland and D.C. Divorce Lawyers (tstahllaw.com) at The Law Offices of Thomas Stahl discuss what could be possible for a marital home that neither spouse wants to keep.
What to Do With a Home Neither Spouse Wants After Divorce
For many couples and families, a home is the largest financial investment they make. Not only is there the cost of the home itself, but maintenance costs and other expenses to keep it maintained and comfortable must also be factored in to determine how costly home ownership is.
There could be several reasons why neither spouse wants the home, but individuals in this situation have some options to consider.
Sell the Home
If you have equity in a home, you understand the costs of selling and can calculate what profit could be made; this is an ideal way to offload the house and walk away with some cash. Additionally, it can also allow you to close out any joint debt from the home that you and your ex have.
If you have an underwater mortgage, though, selling could be challenging. It is best to speak to your lender and avoid foreclosure. Your lender could agree to a short sale, for instance. However, there are still legal implications to think about, which could also come in this situation, like the issuance of a deficiency judgment.
Rent The Home
If selling the home does not seem to be a feasible option, but you don’t want to live in the home and need help paying off the mortgage, you can always put your property on the rental market. The money you make from your renter can be used to pay for your home’s mortgage. However, this option can be difficult for divorced individuals who do not get along and, therefore, may not be ideal.
Maryland And D.C. Family Law Attorneys
If you are unsure what you can do about your marital home, given your particular goals and financial situation, you can speak with an attorney for guidance on the best strategies to meet your objectives. Please call our Maryland and D.C. family law lawyers at The Law Offices of Thomas Sta to schedule a consultation today at (410) 696-4326 or (202) 964-7280. We have offices in Columbia, MD, and Washington, DC.
