Maryland

Divorce Net Sheet: What You Take Home After Closing

A net sheet lists every line between the sale price and the money you receive. Payoff letters and the listing agreement fix some lines. The sale price, closing costs, repairs, and carrying costs stay estimates until closing. In this made-up example, a $750,000 sale nets $383,000 before tax and a $720,000 sale nets $354,800.

By Marc Cormier

Licenses: Maryland #620443 | Virginia #0225175181 | DC #SP98365998 | Berkshire Hathaway HomeServices

27+ years in real estate. 800+ closed transactions.

Certified as a Certified Divorce Real Estate Expert (CDRE) in 2014.

Last updated: October 2, 2026

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What is a net sheet, line by line?

A net sheet is a list of every dollar that leaves the sale price before you are paid. Each line has a source. Some lines are fixed by a letter or a contract. Others are your best estimate until closing.

Here is the base case. Example numbers.

Line	Amount
Sale price	$750,000
First mortgage payoff	minus $300,000
Second loan or home equity line payoff	$0
Commission (example 6% of $750,000)	minus $45,000
Seller closing costs	minus $8,000
Repairs and staging	minus $14,000
Carrying costs to closing	$0
Net before tax	$383,000
Even split ($383,000 divided by 2)	$191,500 each

Check the math: $750,000 minus $300,000 is $450,000. Minus $45,000 is $405,000. Minus $8,000 is $397,000. Minus $14,000 is $383,000. Half is $191,500.

Two lines show $0 on purpose. This house has no second loan. The carrying line is empty so the net matches the standard example. Enter your own number. At $3,500 a month, four months is $14,000, and the net falls to $369,000.

Maryland does not require an even split. Family Law Article section 8-205 contains no 50/50 rule. Your written agreement or a court sets the share.

What goes in each line, and who supplies the number?

Eight lines make the sheet. Each one has a person or a paper behind it.

Line 1. Sale price

The price a buyer agrees to pay. Use the contract price once you have a contract. Before that, use one neutral value and a low case.

Source: your agent supplies a price range from comparable sales. The buyer's contract fixes it.

Status: estimate until a contract is signed.

Line 2. First mortgage payoff

The amount needed to pay off the first loan on the closing date. It is not the statement balance. Interest accrues and fees apply.

Source: the lender, in a payoff letter. A payoff letter shows the exact amount needed to pay off the loan on a stated date.

Status: known once you hold the letter. Ask for a new one if closing moves.

Line 3. Second loan or home equity line payoff

Every other loan secured by the home. Many couples forget this line. A $50,000 home equity line cuts each half by $25,000.

Source: that lender, in its own payoff letter. Ask your title company to list any other lien.

Status: known once you hold each letter.

Line 4. Commission

The agent fee, paid from the sale at closing. Commission is negotiable and is set in the listing agreement. The 6% here is an example rate.

Source: the listing agreement you sign. Get the number in writing and ask what it covers.

Status: the rate is known when you sign. The dollar amount moves with the final price.

Line 5. Seller closing costs

The fees the seller pays at closing, including any Maryland transfer or recordation tax. This post states no tax rate.

Source: your title company. Ask for a written estimate of every seller charge before you list.

Status: estimate until the closing statement. Your agreement says how the spouses share it.

Line 6. Repairs and staging

Work you agree to do before or during the listing. Add inspection repairs a buyer requests.

Source: contractor bids, then invoices. Both spouses approve the dollar cap in writing.

Status: estimate until the work is paid.

Line 7. Carrying costs to closing

Mortgage interest, taxes, insurance, and utilities from today until closing. Multiply the monthly cost by the months you expect to wait.

Source: your own bills. $3,500 a month is $10,500 at 3 months, $14,000 at 4 months, and $21,000 at 6 months.

Status: estimate. Every month of delay adds a full month.

Line 8. Net before tax

Everything above, added and subtracted. This is the money the title company sends out before any tax or other claim.

Source: you and your agent, from the seven lines above.

Status: estimate until closing. Rerun it each time a line changes.

Which lines are known now and which are estimates?

Two groups of lines are fixed by paper. The rest are estimates. Treat an estimate as a range, not a promise.

Line	Known now or estimate	Who supplies it
Sale price	Estimate	Agent range, then the buyer's contract
First mortgage payoff	Known with a payoff letter	Lender
Second loan or home equity line payoff	Known with a payoff letter	That lender
Commission	Rate known at signing, dollars estimated	Listing agreement
Seller closing costs	Estimate	Title company
Repairs and staging	Estimate	Contractor bids
Carrying costs to closing	Estimate	Your monthly bills
Net before tax	Estimate	You and your agent

The biggest estimate is the first line. It moves every line below it that is figured as a percentage.

What does the same sale look like when the price comes in lower?

A lower price cuts the net by more than the price drop alone, and the costs stay. Here is the same house at $720,000. Example numbers. Every cost stays the same except the commission, which is 6% of the new price.

Line	Base case	Soft case	Gap
Sale price	$750,000	$720,000	$30,000
First mortgage payoff	minus $300,000	minus $300,000	$0
Commission at 6%	minus $45,000	minus $43,200	$1,800
Seller closing costs	minus $8,000	minus $8,000	$0
Repairs and staging	minus $14,000	minus $14,000	$0
Net before tax	$383,000	$354,800	$28,200
Even split	$191,500 each	$177,400 each	$14,100 each

Check the math: 6% of $720,000 is $43,200. $720,000 minus $300,000 is $420,000. Minus $43,200 is $376,800. Minus $8,000 is $368,800. Minus $14,000 is $354,800. Half is $177,400.

The gap is $383,000 minus $354,800, which is $28,200. Half is $14,100 for each spouse. The price fell $30,000. The commission fell $1,800. The net fell $28,200.

Run both versions before you list. Agree in writing on the lowest net each spouse accepts. Then a price drop is a number you already discussed, not a new fight.

What does the net sheet leave out?

The net before tax is not the money you keep. Three items sit outside the sheet.

Taxes. IRS Topic no. 701 says you exclude up to $250,000 of gain from income, or up to $500,000 if you file a joint return with your spouse. You must have owned the home at least 24 months of the last 5 years. On a joint return, one spouse must meet the ownership test and both must meet the use test. Gain is not the same as net proceeds. Your CPA runs your numbers. State tax is a separate question.
Any shortfall. If the payoffs and costs add up to more than the price, the net is a negative number. The sheet shows it. It does not say who owes it. Ask your lender what options exist on your loan. Ask your attorney who owes it. Get both answers in writing before you list.
Repayment between spouses. If one spouse paid the mortgage while the house was listed, the sheet does not repay that spouse. Your written agreement decides. Section 8-208(c) lets the court order either or both spouses to pay the mortgage, insurance, taxes, and similar expenses. The statute does not say who is repaid from the sale proceeds.

Attorney fees, court costs, and moving costs also sit outside the sheet. Your attorney tells you the attorney number. Add the rest to your own budget.

What do you settle before you rely on the net?

Settle six items in writing before you list.

One neutral price range and a low case.
A payoff letter from every lender, with a new one if closing moves.
The commission rate, from the signed listing agreement.
A written estimate of seller closing costs from your title company.
A dollar cap on repairs and staging, and who approves it.
Who pays the carrying costs, and whether that spouse is repaid. Ask your attorney to word it.

Each spouse needs their own attorney. I am a REALTOR®. I do not give legal or tax advice, and I do not recommend one attorney over another.

WHAT THIS MEANS FOR YOUR HOUSE

Argue about the net, not the price.
Get a payoff letter for every loan. Do not use the statement balance.
Rerun the sheet each time the price, a bid, or the closing date changes.
The net before tax is not your take home after tax. Ask your CPA.
Maryland has no 50/50 rule. Your agreement or the court sets the split.

Where this goes wrong

I have seen this mistake before. A couple builds a plan on the first net sheet. Then the price drops, a second loan shows up, and the closing date slips two months. Nobody reran the sheet. Each spouse had spent money that did not exist.

Running one sheet. Run a base case and a soft case. A $30,000 price miss cost each spouse $14,100.
Using the statement balance instead of the payoff letter. Interest and fees add to it.
Leaving out the second loan or home equity line. One forgotten loan moves every share.
Treating the commission as fixed. The rate is negotiable and the dollars move with the price.
Entering $0 for carrying costs. Every month adds a full month of bills.
Reading net before tax as take home. Taxes and any shortfall sit outside the sheet.
Spending the money before the closing statement arrives. Estimates change.

This is where people usually get hurt. They plan around a number nobody has checked since the day it was printed.

Local note for Montgomery County: The Montgomery County Circuit Court runs a Family Law Self-Help Center. It is a free walk-in clinic staffed by attorneys, in the South Tower, First Floor, Room 1500. It gives general legal information or limited legal advice on divorce, custody, and related matters. You still pay case fees and costs. Source: https://www.montgomerycountymd.gov/circuit-court/services/family-law-self-help-center

Questions about the divorce net sheet

What is a net sheet?

A net sheet shows what the sale puts in each spouse's pocket after the mortgage, commissions, repairs, and carrying costs. In a made-up example, $750,000 minus $300,000 minus $45,000 equals $405,000. Split evenly, each spouse gets $202,500. Section 8-205 contains no 50/50 rule. I run a net sheet before you list.

What is a payoff letter?

A payoff letter is a written statement from the lender that shows the exact amount needed to pay off the loan on a stated date. It differs from the statement balance because interest accrues and fees apply. Example: $250,000 balance plus $1,050 interest plus $150 late fee equals $251,200.

Does a second mortgage or home equity line change my equity?

Yes. Subtract every loan secured by the home. In a made-up example, a $600,000 home with a $250,000 mortgage and a $50,000 home equity line has $300,000 of equity, not $350,000. Ask each lender for a payoff letter. Ask your title company to list any other lien before you agree to a number.

Who pays the closing costs?

Seller closing costs come out of the sale proceeds. Net proceeds are the sale price minus the loan payoff and the closing costs. In a made-up example, commission and closing costs at 6% of $750,000 equal $45,000. Ask your title company for every other figure, including any Maryland transfer or recordation tax. Your agreement says how the spouses share the cost.

How are proceeds split at closing?

Net proceeds are the sale price minus the loan payoff and the closing costs. The split follows what you and your spouse agree in writing or what a court orders. Maryland Family Law section 8-205 contains no 50/50 rule. Ask your title company and your attorney who holds the money and when each spouse receives it.

Do we pay capital gains tax when we sell?

Only on gain above your exclusion. Under IRS Topic no. 701, you exclude up to $250,000 of gain, or up to $500,000 on a joint return with your spouse, if you meet the ownership and use tests. Your CPA confirms your case. State tax and Maryland transfer and recordation taxes are separate questions for your title company.

Which net sheet numbers are estimates?

Treat the sale price, seller closing costs, repairs, staging, and carrying costs as estimates until closing. Loan payoffs come from payoff letters and the commission rate comes from the listing agreement. In a made-up example, a $30,000 lower price cuts the net by $28,200. Rerun the sheet each time a number changes.

Do you need a divorce attorney?

You should have your own. I am a real estate agent. I do not give legal advice, and I do not work for one spouse against the other.

I am not affiliated with any law firm. I do not recommend one attorney over another. Your spouse needs their own attorney, not yours.

If you need to find one, start with the bar association referral services:

Links open in a new tab.

What an attorney handles	What I handle
Who gets the house and the money	The value of the house
The marital settlement agreement	The net sheet
Court orders that affect the sale	Listing, showings, offers, and closing
Custody, support, and everything outside real estate	A written record of every showing and decision

General information only. Not legal, tax, or financial advice. The referral services are independent of me. I do not guarantee any attorney's work or results.

About the Author

Marc Cormier

Licenses: Maryland #620443 | Virginia #0225175181 | DC #SP98365998 | Berkshire Hathaway HomeServices

Co-author of "Cracking the Real Estate Code," a best seller in four Amazon categories on release day, September 2013.

PRWeb, September 13, 2013.