Your house is probably the largest purchase you have ever made and you have invested a lot of time and money into it. Now you are divorcing and you want to know how you will be able to keep your home rather than allow your spouse to retain it. While it is understandable that you want to keep your home, there are some important considerations to think about when making the decision in a divorce.
There are generally several options regarding the house when you divorce. One person may purchase the home, you may keep the home together, or you can sell the home and divide the profits. The choice that you and your spouse ultimately make should depend on several factors. These include the current market value of your home, the amount you owe on the mortgage, and whether you have young children. The decision as to what to do with the marital home can be made with help from an experienced divorce attorney.
In order to decide the best option for you in this situation you will need to know what your home is worth. A full appraisal could be helpful but you must pay for it. Another way to learn more about your home’s value is to look up current home prices for similar homes in your area. You can check online to find out the price paid for nearby residences to get an indication of your own home’s value.
Another important piece of information that you will need is the amount of money still owed on your home. The mortgage debt together with the market value of your home will indicate the amount of equity you currently have in your home. Equity is the amount of money that was already paid into the home. The equity value of the home is usually split evenly between spouses in a divorce. It is important to note whether you are upside down in your mortgage. This means that you owe more than the value of your home. If your home is worth less than you owe it may be more beneficial for you to wait to sell your home until the market price increases.
If you have minor children it may help to resolve the handling of your home in a divorce. If the children have been living in the home for all or most of their lives they likely have established neighborhood friends, attend the local school, and participate in sports or other activities in the area. If this is the case it may be wise to keep the home to allow the children to grow up with as little interruption as possible.
Many times issues such as what to do with the home will create friction between divorcing spouses. You and your spouse may need to make some compromises to resolve difficult divorce matters. If you choose to keep the home together you may make a stipulation as to when and under what circumstances the home will be sold. Some couples are choosing to share living in the family home in a situation called bird nesting. This allows both parents to live in the home on a part-time basis while raising the kids.
Those who are facing divorce can benefit from the experience and legal advice of a qualified divorce attorney. Contact The Bellinger Law Office to schedule a consultation today.
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