In Maryland, it is the aspiration of some people who are going through a divorce to be able to keep the family home. In many cases, that proves to be very difficult as the spouse in the home ends up “house poor.” However, remaining in the marital home has now become easier due to the lower costs of owning a home.
Cheaper real estate means less cost to buy out the other spouse
When you are awarded the right to be able to remain in the family home, it does not come without a cost. The other spouse has an ownership interest in the home and has the right to be paid for it. In the past, this cost was prohibitive for many due to the soaring real estate market. Now, home values are beginning to fall due to economic uncertainty, making it cheaper for you to buy out the other spouse’s interest.
Lower interest rates mean refinancing options
In addition, falling interest rates have made it cheaper to own a home. The spouse can take advantage of refinancing to lower their monthly payments and make their mortgage even more affordable. Spouses can look at buying out the other spouse as an investment where they are able to purchase 50% of a home at a reduced rate. Nevertheless, before making the decision to try to remain in the family home, spouses should consider economic factors now and in the future.
If you want to be able to remain in the marital home, it may take some negotiation with the other spouse. If they will not agree, you will need to persuade the court that you are the spouse who should keep the home. You may need the help of a divorce attorney to work everything out with the other spouse in the divorce agreement. If negotiation is not possible, the attorney may help persuade the judge why you should be the one who gets to keep the home.