What Happens to a Family Home After a Divorce?
During divorce, your marital assets and properties are subjected to equitable division—including your family home.
When the court grants a Divorce, or your marriage is terminated by a Dissolution, your marital assets and properties are subject to equitable division—including your family home. Your home is probably one of the most valuable assets you and your spouse acquired during the marriage. No wonder it takes center stage in divorce cases. So, what happens to your house when you end your marriage?
Possible Outcomes for the House
Every family's circumstances are different, meaning no one method fits all when deciding what happens to a family home when the marriage ends. Many factors affect this decision, but the common options include;
- Selling the house – Depending on your specific situation, one option is to sell the house. If you sell the house you will know exactly what the fair market value is and both parties will get their share of the equity.
- Paying your spouse and remaining in the house – Another option is that one of you will stay in the home. The spouse who retains the home will likely have to refinance the mortgage into their name and pay the other party their share of the equity.
- One partner living in the house for a period of time – Sometimes parties decide that one of them should stay in the house for an extended period of time before any equity is divided. In these instances an agreement must be carefully crafted so that it is clear who is responsible for payments and expenses and when and how equity will be divided.
Get Legal Help from an Experienced Cincinnati Divorce Attorney—Call us Today
Divorce cases can be stressful and draining - especially when you may have to relocate to a new home. At Wagner & Bloch, our divorce attorneys will walk you through the process, take a realistic look at your assets and how they may be divided during divorce, and put together a plan to help you achieve the best possible outcome. Contact us today to learn more.