Who Gets The House After The Divorce? Here’s What Your Divorce Lawyer Will Recommend
"Who gets the house?" is one of the first questions people ask when they find out their spouse wants a divorce. If you have children, your first priority is probably making sure they have a safe and stable home. You might be thinking about how much money you'll need to buy a new place or whether you'll be able to keep the family home.
And if you don't have kids, you might be wondering if it's worth it to fight for the house at all. The answer to this question is never simple. Many factors go into deciding who gets the house after a divorce; ultimately, it should be up to your divorce lawyer to make a recommendation. Here are a few things your divorce lawyer will consider when making a recommendation about who should get the house.
1. Your State's Laws
Every state has different laws when it comes to property division in divorce. In community property states, for example, all assets acquired during the marriage are considered joint property and will be divided evenly in a divorce. In equitable distribution states, on the other hand, the court will look at a variety of factors to determine how to divide assets fairly. Depending on the state in which the divorce is being officialized, your lawyer will make a suitable recommendation and follow through to ensure you get desirable outcomes.
2. The Value of the Home
One of your divorce lawyer's first actions is to have the home appraised. This will give you an idea of how much the home is worth and help determine how it should be divided. If one spouse wants to keep the home, they will likely have to buy out the other spouse's share. This can be done by refinancing the mortgage in their name only or by paying cash for the other spouse's share of the equity.
3. Your Finances
Another important factor your divorce lawyer will consider is each spouse's financial situation. If one spouse is unable to afford the mortgage or upkeep of the home on their own, it might not make sense for them to keep the house. In this case, selling the home and splitting the proceeds might be the best option. On the other hand, if both spouses are financially stable, they might be able to afford to keep the home. This would allow the children to remain in the family home and maintain some sense of normalcy during a difficult time.
If you don't know what to do with your family home following the divorce, don't hesitate to consult your divorce lawyer. The professional will help you decide the most suitable action for your situation.