WHO GETS TO KEEP THE HOUSE?

THIS IS TYPICALLY ONE OF THE FIRST QUESTIONS THAT COMES UP. THE ANSWER CAN VARY DEPENDING ON VARIOUS FACTORS SUCH AS WHETHER THE HOUSE IS OWNED JOINTLY, INDIVIDUAL FINANCES, AND CUSTODY ARRANGEMENTS IF THERE ARE CHILDREN INVOLVED.

WHAT IF WE BOTH WANT TO KEEP THE HOUSE?

IF BOTH PARTIES WANT TO KEEP THE HOUSE, THERE ARE SEVERAL OPTIONS. ONE PERSON CAN BUY OUT THE OTHER'S SHARE, OR THE HOUSE CAN BE SOLD AND THE PROCEEDS DIVIDED.

WHAT HAPPENS TO THE MORTGAGE?

IF THE HOUSE HAS A MORTGAGE, THE PARTIES WILL NEED TO DECIDE WHO WILL BE RESPONSIBLE FOR MAKING THE PAYMENTS. IF BOTH PARTIES ARE ON THE MORTGAGE, THEY MAY NEED TO REFINANCE THE LOAN TO REMOVE ONE PERSON'S NAME.

CAN I BE FORCED TO LEAVE THE HOUSE?

IN SOME CASES, A COURT MAY ORDER ONE PARTY TO LEAVE THE HOUSE TEMPORARILY, ESPECIALLY IF THERE ARE CONCERNS ABOUT SAFETY OR DOMESTIC VIOLENCE. HOWEVER, BOTH PARTIES HAVE RIGHTS TO THE MARITAL HOME UNTIL A COURT DECIDES OTHERWISE.

HOW DOES THE VALUE OF THE HOUSE FACTOR INTO THE DIVORCE SETTLEMENT?

THE VALUE OF THE HOUSE IS CONSIDERED PART OF THE MARITAL ASSETS AND WILL BE DIVIDED BETWEEN THE PARTIES AS PART OF THE DIVORCE SETTLEMENT. THIS CAN BE DONE THROUGH NEGOTIATION OR BY A COURT ORDER.

WHAT IF WE CAN'T AGREE ON WHAT TO DO WITH THE HOUSE?

IF THE PARTIES CANNOT COME TO AN AGREEMENT ON WHAT TO DO WITH THE HOUSE, A JUDGE MAY MAKE THE DECISION FOR THEM AS PART OF THE DIVORCE PROCEEDINGS.

SHOULD I CONSULT A LAWYER?

IT'S OFTEN ADVISABLE TO CONSULT WITH A LAWYER, ESPECIALLY IF THERE ARE DISAGREEMENTS OR COMPLEX FINANCIAL ARRANGEMENTS INVOLVED. A LAWYER CAN PROVIDE GUIDANCE ON YOUR RIGHTS AND HELP ENSURE THAT YOUR INTERESTS ARE PROTECTED THROUGHOUT THE DIVORCE PROCESS.

WE KNOW THIS CAN BE A STRESSFUL TIME. IF YOU HAVE ANY ADDITIONAL QUESTIONS OR CONCERNS, CONTACT MARC & LAUREN FOR A CONFIDENTIAL FREE NO OBLIGATION CONSULTATION.