If you are about to embark on a divorce or are in the midst of one, and have a home, the future of what might happen to it is probably among your top concerns. Not only is it often one of the most significant assets between spouses, but it has a great amount of sentimental value attached to it as well. If you have children, you might be worried about what will happen if neither you nor your ex-spouse can stay in the house. Can you “buy out” your spouse’s equity interest in the house? How can you get the house if your ex-spouse will not agree? These are just some of the questions you might be mulling over.
During the divorce, it is possible for the court to award one spouse exclusive use of the family home. However, one or more of the following must usually apply:
Orders regarding exclusive use of the home during a divorce case are temporary and might be modified once the parties reach a final resolution for their case.
A home can be awarded to one party during trial as well, but several factors must be considered. This includes:
Courts commonly do not award the family home to one party unless one spouse buys out the other spouse’s interest. In cases where there is no equity in the home, the only issue would be how to remove a spouse’s name from the mortgage obligation. If there is equity in the home, the court might provide the other spouse a greater share of assets to make up for their loss of the equity in the home.
If you are set on keeping the family home, here are some tips to help increase your chances to convince a judge to grant your request:
Another option is for you and your spouse to agree to sell the house later if you would rather wait for more equity to be built, or for the housing market to improve. It is important, however, to realize this is a business partnership, so try to leave your emotions out of this equation.
Neither party has to live in the home if you choose this option. You can rent it to a third party and try to score a profit from it, while both you and your spouse choose other cheaper living options. Establish a joint business banking account for the rent receipts and agree ahead of time on what your contribution shares will be if the account falls short, or how the proceeds will be divided when the house is sold.
It is also possible for one spouse to remain in the home as a tenant, paying rent at a fair market rate to the joint business account.
When divorcing spouses opt to sell their home later, they both share the risks associated with this decision, such as:
At Grant Legal Group PA, we understand that property division is often a primary concern for divorcing couples. It is important for you to take the proper measures to protect your interests and we have the experience to help you do exactly that. Our law firm has represented clients from diverse economic backgrounds and is prepared to handle all types of challenges that might arise. Should your case go to litigation, we are prepared to aggressively represent you and protect your rights to ensure fairness throughout the process.
Divorce can be complicated due to the number of factors involved, but our Jackson property division attorneys can help you come up with a plan that works for you and allows you to obtain your goals.
Contact the divorce attorneys at Grant Legal Group PA today at (601) 827-3031 to set up a free consultation. You do not have to endure this alone.