Here’s When You Can Keep the House After a Divorce
Divorce is very difficult as is, but what makes it even more troublesome is controversy over assets, especially the marital home. This is the most valuable asset that a married couple shares, in most cases. Whether you plan on leaving or selling, be sure you’re making the right choice.
Here are a couple of things you should consider before doing so.
Can You Afford to Keep It?
Divorce changes your life – whether for better or worse, that’s for you to decide. One thing you need to know is that your financial status is definitely going to change. No one likes the hassles of moving, especially when you’ve spent a large chunk of your life in one place.
However, before emotions must come sense, and you must think practically. Is it going to be possible for you to take care of the taxes, mortgage, and maintenance costs? If you can’t, we suggest you bid adieu to your former home and start your new life afresh.
Work It Out With Your Ex-Spouse
While divorces can get messy, neither party looks forward to hefty bills upon bills. Therefore, it is often best to talk to your spouse and work out a solution. Instead of risking losing your property for good, it’s better to settle and divide it into two parts. Ideally, it is best to keep family matters behind closed doors but, more often than not, couples go knocking on the court’s doors to settle the dispute.
Be Informed Before Stepping Into Court
In some cases, there is no choice but to consult a judge, whose decision lies solely on the state you reside in. For instance, let’s take the example of California, a community property state. A Californian judge will try to ensure that the property is divided between the couple as equally as possible. They might even permit a buy-out, where one spouse pays the other half of the total property equity to gain sole ownership of the home.
Additionally, if the property is too expensive and poses a financial burden, the judge might order the parties to sell it. In most states, you’ll find a law restricting either party from mortgaging or selling the property while in the midst of a divorce, even if the property is in your name. This is because most states consider marital assets to be communal.
To Sum It Up
Divorce can be very tricky and you need to act smartly while going through the expert. We suggest consulting a divorce attorney who can guide you properly and ensure you receive what is rightfully yours.
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