During the divorce process, dividing assets among the parties may be necessary. The family home is usually one of the most significant assets that needs to be dealt with. However, many questions may arise about how to divide it equitably. If you have an attachment to your house, you may want to keep it after your separation. However, several factors should be considered before an informed decision can be made. Divorce attorneys can come to your aid and save you from the confusion that may come during the division process. They'll analyze your unique case and tell you what to expect. Here are three things they'll consider.
Equity equals the appraised value of the home minus any debts or loans against it, such as a mortgage. If there's a lot of equity in the house, it may be worth keeping because you'll have more ownership stake. On the other hand, if it's not too much, then it may not make sense to keep the property because you'll still have most of the debt associated with it. Divorce attorneys can explain your options and help you make some financial sense out of them. This way, you'll move on from your marriage with as little debt and financial burden as possible.
This includes regular upkeep, such as changing the furnace filter, as well as any larger renovations or improvements that have been made. If one party has been solely responsible for taking care of the house, they may be more likely to keep it after the divorce. However, if both parties have been equally involved, it may be divided evenly between them. A lawyer can check financial records to see who has been paying for what and advise you accordingly. If your documents show that you have been paying for most of the house-related expenses, they'll ensure things work in your favor.
If kids are involved in the divorce, their needs will be factored in when determining who gets to keep the family home. If one parent has primary custody of the children and lives in the home, they may be more likely to keep it because it will provide stability for the kids and help them maintain some sense of normalcy during this difficult time. However, if both parents have joint custody of the children and neither lives in the family home, it can be sold and proceeds divided between the two parties. A lawyer can advise you on what is likely to happen so you know what to do.
When it comes to dividing up property after separation, the process can be very complicated. The good news is that divorce attorneys can help you understand what's best for your situation. They'll also ensure that your interests are protected and that you get what you're entitled to.
Consult with a divorce attorney to learn more.Share