Whenever there is a divorce, there are typically lots of decisions to be made. One very big part of most any divorce is the process of property division. With that being said, Maryland couples in the midst of divorce may want to know the facts of how exactly their home may be handled as part of any property division settlement.
It is much harder to split a home than people may realize, especially when the two owners want different things. Even when both parties agree to give up the home to the other person, having the other person’s name still attached to the mortgage can greatly affect their ability to find a new home, even years down the road. It is imperative that the remaining homeowner either refinance in their own name or ensure a new mortgage is in their name only.
If both parties to sell the home as part of a property division settlement, they still need to work together until the deal is done. The couple will both have to agree on a listing price as well as when to have showings. If an offer is made, they must both in be agreement. Also, the couple must collectively decide how to split and distribute any profit made from the sale.
While many couples outline and agree to property division specifics as they move toward divorce, those agreements can still hit snags. Maryland couples may wish to ensure any decisions are safeguarded by a legal representative that is working in their best interests. They will ultimately need any agreement between the parties memorialized in writing in accordance with local court procedures.
Source: Reuters, Splitsville? How to divide property in a divorce, Goeff Williams, Oct. 7, 2013