Which Spouse Keeps The Family Home After Divorce

If deciding which spouse keeps the marital home is not one of the issues in your divorce, then the path to finalizing your divorce is much shorter.  In some cases, one spouse owned the house before the couple married, so the only option is that he or she keeps the house even after the divorce.  If you have lived in rented accommodations throughout your marriage, then you might be broke, but at least you do not have to worry about losing your most valuable asset because a court awards it to your ex-spouse.  If you and your spouse bought your marital home together, then deciding who should keep it, and how to accomplish this financially, is not easy.  It requires long discussions during divorce mediation, even if your case does not go to trial.  To make sure that you do not suffer preventable financial losses in a divorce case where the couple’s most valuable asset was the marital home, contact a Birmingham divorce lawyer.

Keeping the House Means Hefty Housing Expenses

The spouse that keeps the house is not always the one with the higher income.  If the couple has minor children, the decision is usually based on the goal of having the children stay in the same house and attend the same school as they did before the divorce, so the parent who has parenting time on most or all school nights is the obvious choice for remaining in the marital home.  The spouse that keeps the marital home must usually refinance the mortgage in his or her name alone.  Even if the principal amount of the refinanced mortgage loan is lower than the original mortgage, the monthly payments can still be painful, especially since you are now paying the mortgage on one income instead of two.  If you have been out of the workforce and cannot easily qualify for a mortgage without your spouse, you may need a family member to co-sign with you.

Giving Up the Marital Home Means Walking Away With Chump Change

If your ex-spouse keeps the marital home, he or she must pay you an equalizing payment for your share of equity in the house.  This may look like a lot of money on your bank statement, but a lot of money does not go nearly as far today as it did when you and your ex-spouse were first married, especially if your goal is to buy another house.

Selling the Marital Home Can Be Just as Conflict-Ridden as Fighting Over Who Gets to Keep It

In some divorce cases, the couple decides that the simplest or most financially beneficial option is to sell the former marital home and divide the proceeds.  Selling a house is never easy, but it is even more stressful during divorce, because of intense emotions and lots of legal red tape.  Eventually, though, the house will sell and both former spouses will get some money.

Contact Peeples Law About Home Ownership After Divorce

A Birmingham family law attorney can help you keep or sell your marital home during divorce.  Contact Peeples Law today to schedule a consultation.

Source:

quickenloans.com/learn/selling-house-during-divorce