Divorce is difficult enough without having to split assets and sell your home. For many families, their home is considered to be their most valuable asset, and it’s hard to let go. The home holds memories, especially if you started a family in the home and watched your family grow over the years.
However, anything can happen in divorce, and sometimes, keeping the property isn’t what is best. When neither spouse can afford to keep the house, or if they both choose to leave and move on, the house is then listed for sale. There are several different scenarios involving divorce and home ownership, and each have their own set of unique challenges. Here are just a few scenarios you may encounter:
When One Spouse Stays
It is quite common for one partner to want to stay in the marital home, especially if children are involved. If one of the partners does choose to stay, that spouse must compensate the other spouse for the home’s value. This sometimes means that the partner who is leaving the property will receive money and other assets to balance out the value of the home. There are also instances in which the court may allow the leaving partner to place a lien on the property, which allows that partner to be compensated if the house is ever refinanced or sold in the future.
A couple may also agree to continue owning in the house together, even after divorce. For example, a couple can agree that one of them and the children would live in the house until the children come of age. In this situation, both spouses would continue paying the mortgage debt along with taking care of any other household responsibilities.
When Both Spouses Leave
Sometimes, it’s difficult for both spouses to afford the mortgage after divorce. When neither spouse can or wants to stay in the home, the house can be sold. Once the mortgage and closing costs are paid after the sale, the proceeds or losses on the house will then be given to each party.
If a couple chooses to sell the house during the divorce, the divorce agreement can establish which spouse will pay the mortgage until the sale of the home is processed. The divorce agreement can also specify which party will be responsible for the home’s upkeep and maintenance, as well as how the proceeds will be divided.
Dealing with the Loss of Your Home
One of the most contentious issues in a divorce is the couple’s former home. Losing your home can be a very painful experience. Though selling the home may be your best option, it doesn’t make it any easier to sell it or move out.
At Thomas Weiss & Associates, we understand how emotional and trying the divorce process can be. Our experienced real estate attorneys in Long Island and Suffolk County can work with you and your former partner to come to an agreement about your marital property and your home. For help with your situation, call us today at (516) 746-7452.