If you and your spouse in Maryland have come to the conclusion that your marriage is no longer working and is beyond repair, you are now at a point where you have to make some major decisions. If you own a home together, what to do with your house will be one of those decisions. It is not uncommon for people to want to work hard to save their homes and stay in them, especially if they have young children. However, that may not be in your best interest.
As explained by Bankrate, there can be many gotchas if one person tries to stay in the family home without refinancing the mortgage into their name only. If you are the spouse who is willing to leave the home and let your former partner stay, you need to understand these.
Even if your divorce decree identifies your ex as the person responsible for the home but your name remains on the mortgage, you may be held liable for the debt on that home loan. Imagine that your former spouse endures tough times and cannot make the mortgage payment for a few months. Those missed payments will show up on your credit and hurt your credit score.
This information is not intended to provide legal advice but is instead meant to help people in Maryland who are getting divorced better understand the issues they may face if they try to keep their family homes instead of choosing a different option that may be more financially beneficial to them.