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DIVORCE TIPS: DO YOU REALLY WANT THE HOUSE?

Asset division is one of the most controversial issues you’ll face during a divorce. During the divorce process, it’s natural for each spouse to fight for ownership of specific possessions, especially ones that hold significant emotional of financial value. When so much is being uprooted, one of the biggest things a couple will argue about is who will remain in control of the family home. The house is usually the biggest asset the couple has, and deciding what to do with it can be tough.

CONSIDERATIONS REGARDING THE FAMILY HOME

In the property division that occurs during a divorce, a couple’s marital property will be split according to the rules of equitable distribution. This means that the court will determine the amount of property each person deserves. If one of the spouses decides to keep the home, the court will compensate for this gain with other property being distributed to the other spouse.

If one spouse is seeking to keep the house in divorce, there are some questions they should ask:

  • Does a future budget allow for upkeep and maintenance on the home?
  • Do both parties agree on the total value of the home?
  • Can the home be refinanced to allow one party full ownership?
  • Is one person able to buy out the other in the divorce?
  • Can both parties afford to do an appraisal on the home?

While keeping the family home can be important to you, it also needs to be viewed as an expense. Retaining this property may cause one person to lose other important assets, and many forget to consider the mortgage, upkeep of the home, and the tax responsibilities that the home will demand.

If you have questions about how keeping the family home may affect your impending divorce, contact The Buxner Law Firm for an in-office consultation at no cost to you!

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