What Happens to my House When I Get Divorced?

Divorce is not typically a pleasant experience. No matter how amicably you try to end things, there will be moments when things get heated. It is an unfortunate consequence of trying to separate everything you have built together. You are going to have to give up things, and so is your spouse. Real estate will most likely be the biggest asset you have to divide. This may be the one that you have the most feelings tied to, depending on how long you have lived in your home. It may be in your best interest to contact a Divorce Real Estate Specialist.

You should also know the facts about what is going to happen. This way, you can be prepared and will not be caught by surprise. When determining what to do with real estate, the purchase date makes a difference. You have to determine if the property is considered a pre-marital asset. For the purposes of this article, let’s talk about items that are considered marital property. This is the property that was your marital home or was a source of marital income. Since that is the case, the home must be split in a way that is considered fair and equitable to both parties. If you can keep the division civil, it can be clean and fast. However, if you want to fight over it, it can become a long, miserable process.

The options are to sell the house and divide the money, or one spouse keeps the house, and the other must buy out the spouse. Either way, there must be a determination of how much each spouse gets. The quick, easy way is to do a 50 – 50 split. This means that each party gets 50 percent of the house. However, there may be factors that change the amount of money each party receives. If each party gave a different amount of money towards the house’s purchase, that might make a difference. That could mean that one person receives 30 percent, while the other receives 70. If both parties each want to keep the house, things may become difficult. This could be an issue that a judge must decide. When this happens, the house becomes a bartering chip, and one spouse may have to give up a large amount of other property to stay in the house. A lawyer can help you determine what type of deal may be in your best interest. It is important for you to figure out what absolutely want to keep.

 

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