About Divorce and Property

Divorce ends a bad marriage and supposedly allows both parties to move on with their lives. Ideally, the soon to be ex-spouses work through their problems and do their best to terminate the marriage as amicably as possible. After all, an uncontested divorce will cost far less than an adversarial one. However, a divorce with no dispute is more of an exception than the rule. A familiar roadblock in divorce settlements is how assets and liabilities will be distributed. The divorce does not only divide the couple but the marital property as well.

If I Can Buy Out My Spouse, Should I Keep The House?

 

It is understandable why you’d like to keep the house. The family home represents stability. However, make sure you do due diligence before making this critical step.

You might afford to buy out your spouse, but have you considered the utilities, the annual property tax bill, the repair and maintenance, all necessary expenses needed for the upkeep? Remember that in all likelihood, your income will be significantly decreased.

It is nice to remain in your house where everything is familiar but make sure you can afford it. A harsh consequence of divorce is that not many families can have the same lifestyle they are used to.

Take your time before deciding to buy out your spouse to keep the house. Maximize all available resources and information.

What is the Best Way to Divide Our Marital Property?

 

It is not the law. It is the practical considerations that will dictate how marital property is divided.

If you want to keep the house, then you’ll need to buy out your spouse. The terms of the buyout might mean a new and larger mortgage which you might not be able to afford. If neither of you can afford to buy out the other, then you can sell the house to a third party and each of you will have your respective share of the equity.

Who Gets to Keep the House?

 

The house is always the major marital asset not only in monetary terms but for sentimental reasons. When the family breaks down, the house will be central to divorce proceedings. More often than not, who keeps the house is a point of contention between divorcing spouses. The important thing to keep in mind here is that you and your former spouse want to stay out of court. An out-of-court settlement gives you more control on how the property will be divided.

If we decide to sell the house, what can Helpful Realty offer?

With the emotional upheaval of the divorce, selling the house can be a tricky business. Both of you have made your respective contributions to your family home so it is just fitting that you get fair market value for the property.

Now that you have decided to sell the house, we’re here to provide you with a detailed guide of the process so all transactions are above board. You’ll be protected legally and financially. We know that the decision won’t be an easy one and we are here to make sure both your interests are aligned. We aim to help you make a clean break and get your fair share from your house sale without the hassle.

Read More From Our Blog:

STARTING OVER…

In the United States today up to 50% of marriages can be expected to end in divorce1. With 60-70% of American2 couples also living together before getting married (and let’s face it – some don’t go the distance) the real impact of relationship breakdowns is likely to be much higher than the statistics lead us to believe.

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