In our last post, we discussed the important issue of deciding what to do with the marital home during your divorce. In this post, we are going to discuss deciding what to do with the marital home after the divorce.
As we stated in our last post, the marital home is many couples’ largest asset, but it can also be the biggest source of debt for other couples. Either way, it is likely the biggest investment that that the couple has made in life.
Additionally, the marital home often holds a lot of sentimental value for one or both spouses. For all of these reasons, the marital home is often one of the most important aspects of the property division process during a divorce.
In most situations, a couple has two choices: They can either decide to sell the marital home and divide the proceeds of the home sale, or one spouse can decide to keep the martial home as part of his or her share of the property settlement.
The first option is the more common one as it can be difficult for one spouse to afford to keep up with the payments and the maintenance costs of the home by him or herself.
If one spouse does decide to keep the home, he or she must be able to qualify for a new mortgage by him or herself so that the other spouse can be removed. Refinancing the loan is extremely important so that the other spouse cannot be held liable for missed payments.
In order to decide the best option for your family situation, it’s important to work with an experienced family law attorney.