One of the biggest questions of a divorce is often who gets to keep the house? Determining what happens to a home in the event of a divorce can be a difficult process, so it is important to know all of your options so you can decide what works best for you and your ex-spouse. Read on to learn more about what happens to a home in the event of a divorce.
Marital vs. Separate Property
If your house is separate property, it will go to the owner of the home. For the most part, homes are not separate, but are marital property instead. Separate property is property that has been gifted, inherited, bought before the marriage, or kept separate from the other spouse. Marital property is property that was purchased during the marriage. Separate property can become martial property. If you have any questions about what type of property your home is, contact our firm today to discuss. If your home is marital property, it will be divided equitably. Below are the three main ways a house may be divided during a divorce.
Sell the House
Many couples choose to sell their home and divide the profits equitably.
Arrange a Buyout
One spouse may choose to buy the other spouse’s share of the assets and become the sole owner of the house.
Continue to Co-Own
This is a popular option amongst couples who have young children. Often, children benefit from staying in their homes, so one spouse will reside in the house and the other spouse will move out. The divorced couple may decide to sell the house down the line.
How is it determined?
Some couples can decide what to do through the process of mediation. Mediation involves a neutral third party helping the couple navigate their divorce to make the best decisions for both parties. But, many couples cannot make this decision, seeing as the house is such a large, and sentimental asset. In this case, a court will decide upon the distribution of the house. Some factors the court will take into account include:
- The duration of the marriage
- The contribution of each party
- The acquisition of the assets
- The age and health of both parties
- The tax consequences of the proposed distribution
- The present value of the property
- The debts and liabilities of each party
If you have any questions regarding your home and what will happen to it in the event of a divorce, contact our firm today.
Contact our Firm
We understand how emotional and difficult matters of family law can be. If you need the assistance of a knowledgeable attorney to help protect your right to your family, please do not hesitate to contact our experienced firm. We are eager and dedicated to helping you through this difficult time. Our personal injury specialists at Greenberg & Walden, LLC are standing by for a free initial consultation. Call us at 201-528-6928.