If you are approaching the end of your marriage in Maryland, you are no doubt concerned about what assets you might lose in the process. You may also be worried about the prospect of having to move out of your family home, especially if you have young kids who live with you. While many couples do end up selling their homes during a divorce, it may be possible for you to keep yours. Before you make this decision, however, it is important that you understand what may be involved in making this happen.
As explained by Bankrate, the first thing you should know is that if you currently have a joint mortgage, both you and your spouse will remain legally responsible for that debt unless your lender agrees to remove your to-be former spouse from the loan. If your bank will not agree to do this, you might then want to consider obtaining an all-new mortgage in your name only.
Assuming you are successfully able to secure financing for a home loan in your name alone, the next thing you should take care of is the legal ownership of the property. A quit claim deed is the way for your partner to cede or transfer their portion of ownership in the home to you.
This information is not intended to provide legal advice but is instead meant to give divorcing spouses in Maryland who want to retain their family homes some ideas about how they may be able to do this as well as some details about how to prevent future financial tangles with a former spouse over missed or late mortgage payments.