In most marriage dissolutions, the ownership of the marital home becomes a source of disagreement among couples. As it is one of the most valuable assets in a divorce, it is common for both the husband and the wife to want to keep the house. Other than the financial aspects of the property, selling or leaving the family home has emotional and sensitive components.
Deciding on Solo Ownership
The 50/50 ownership of the house or both parties continuing to live in the property is not ideal, so solo ownership must be decided. If you want to keep the house, keep in mind that you need to have good reasons for doing so. This is because keeping or selling a home after a divorce can be a life-changing event. Divorce attorneys in Ogden note that it should support your best financial interests.
If you want to fight to keep the home, be sure that you can afford it. It is always nice to remain in a place where you have lived in the past few years, but you need to consider if it is the best financial decision for you. Be realistic and evaluate if you can afford to keep it. It is always easy to justify why it seems to better to stay in the house, but you need to consider the best option in the long run. Think about the debts, mortgage, and maintenance.
Divorce Home Buyout
If both spouses cannot agree on the solo ownership for the house, the court may order a buyout. This refers to one party buying the 50% ownership interest of the other spouse to keep the property. If the court does not orders a buyout, you and your spouse will need to agree on a buyout. When the divorcing couple has children, it is often best for the custodial parent to keep the house. This is to help maintain a stable living environment for the kids.
If you want to buy your spouse’s share in the house, there are different ways of doing so. You can always get a loan if you do have a large sum of cash readily available. Some banks also offer specialized mortgages, and you can refinance the mortgage. It is best to make sure, however, that you can afford the changes in the monthly loan payment.
When going through a divorce and deciding about home ownership, it is best to consult an experienced divorce attorney. The right lawyer will help you fight for your rights, evaluate your option, and determine the best arrangement for your situation.