The family home is one of the most valuable assets spouses have and, in many cases, it is often a very sentimental one, particularly when children are involved. You may have dreams of raising your children in that home and the prospect of giving up on this dream often makes this a very emotional matter. Continue reading to find out what happens to a house during the divorce process.
What Happens to the Marital Home?
The easiest way to address this matter is for a couple to agree to sell the home and divide the proceeds. If one spouse wants to keep the house and the other does not mind parting with it, that spouse can ask the judge to order it. That said, there is no guarantee the request will be successful.
If you and your spouse have minor children, and you are the custodial parent, you may not want to uproot your children. To keep the home, you can buy out your spouse’s interests if there are enough joint assets available. You can also buy out your spouse’s interest by refinancing the home, using the proceeds of it to pay your spouse.
Another option available is for you and your spouse to agree to keep the home in both of your names while only one of you resides there until a certain date. For example, you may agree to sell the house when your youngest child starts college. During that time, the spouse living in the home will be responsible for paying all the costs necessary to live there.
If you and your spouse cannot agree on any available options, a judge will decide based on what is most fair to everyone involved.
Discuss the Details of Your Divorce with Our Experienced Attorney Today!
If you are going through a divorce, you will need a knowledgeable legal advocate on your side to guide you through the process and protect your interests. At the Law Offices of Elaine Stypula, our divorce attorney has more than 20 years of experience and a history of successful results. You can rely on our team to provide the legal support and advice you need to obtain the best outcome for your case.
Reach out to our law firm today at (248) 565-3800 to schedule an initial consultation with our attorney to discuss the details of your divorce and find out more about what we can do for you.