For many couples, the family home is one of the most significant assets involved in a divorce. Deciding what happens to the home can be both a financial and an emotional issue, and the outcome depends on several factors.
In general, a home acquired during the marriage is considered marital property, regardless of whose name is on the title. If the home was owned by one spouse before the marriage, the analysis may be more complex, particularly if marital funds were used to pay the mortgage or make improvements. Determining whether the home is marital, separate, or a combination of both is an important first step.
There are several common ways a home may be addressed in a divorce. One option is to sell the home and divide the proceeds. Another is for one spouse to keep the home and buy out the other spouse’s share, often by refinancing or offsetting the value with other marital assets.
Because the home often represents a large portion of a couple’s net worth, issues such as equity, mortgage responsibility, taxes, and future affordability should be carefully considered. Consulting with a divorce attorney can help ensure that any decision regarding the home is financially sound and consistent with your long-term interests.
Contact Rochford Langins Jarstad LLC today to schedule your consultation.