The division of a residential property is one of the most challenging decisions during a divorce. Many divorcing couples consider the family home as their main financial asset. This is why they try their hardest to gain complete ownership or reach a mutually beneficial agreement.
While the division of a marital home can be complicated, couples have plenty of options to choose from. If you are facing the end of your marriage, here are some steps to deal with your family home:
This is the most obvious option. If you and your ex are on amicable terms, you may sell the home and split profits. A real estate agent can advise you on what upgrades and improvements you need to make for increasing your home’s value before selling.
Another great option is for you and your ex to move out and rent out the home. But, make sure you have a responsible tenant on board. You should also wait for property prices to increase before renting out your home.
If one spouse moves out, the other can refinance the mortgage. On the other hand, if both parties are responsible for the mortgage and one of them stops paying, the other party will have to pay the monthly mortgage payments.
Refinancing is, therefore, a practical option if one party stays in the home.
Although it’s hard to believe, some divorcing couples decide to stay in the family house and live separate lives. However, this depends on the type of relationship with your ex-spouse.
Under the agreement, both parties can continue living together until their home is sold. Keep in mind, if you and your ex still have a mortgage to repay, neither of you will be able to get another mortgage until the home sells.
As a last resort, one partner can stay in the family home, while the other one moves out. If you decide to remain in the home, you can continue making mortgage payments until the house sells. Meanwhile, your ex will still get credit for half of the proceeds of the sale.
But, moving out from the home is not advisable because it may adversely affect your divorce case.
The process of splitting a marital home is not as simple as it seems. It’s imperative to consult a qualified, experienced family law attorney to ensure fair division of your property and other assets.
The attorneys at Men’s Legal Center have successfully hundreds of property division cases in San Diego and its surrounding areas. We offer the highest quality legal representation for resolving marital property division issues. Call us any time at (619) 234-3838 to schedule an initial consultation.