Selling the House in a Divorce
The marital home is often the largest joint asset a couple acquires during marriage. It is also the subject of heightened emotions early on in the court process.
No matter whose name is on the deed or mortgage contract, the home is viewed as joint marital property, and the mortgage deemed joint marital debt. Both will be divided by the court. Unless one of you has a court order giving you exclusive use, occupancy and control of the home, both of you are permitted to come and go as you please.
There are usually three options when dealing with the marital home during divorce:
- Put the house up for sale and divide the proceeds equitably
- Have one spouse buy out the other and remain in the marital home
- Continue to own the house jointly
At The Massachusetts Family Law Group, our attorneys help clients deal with the marital home during divorce. We counsel clients on the pros and cons of each option, building on the 30-plus years of combined legal experience and the business backgrounds of some of our attorneys.
Selling the Marital Home
In a good market, this may be an excellent option. Bear in mind that you will need to pay off the mortgage and any home equity loans or second mortgage before the two of you walk away with any cash and divide the profits. In a bad real estate market, you may not have enough equity to have anything left to divide.
Other disadvantages to selling the house include disruption to the lives of your children, the length of time it may take to find the right buyer, and the need for the parties to work together to find an agent, agree on the sale price and review offers together. The advantages include making a fresh start, getting badly needed cash (in a good market), and not having to deal with your ex-spouse on it.
Buying Out Your Ex-Spouse
Sometimes the parent who has primary custody buys out the noncustodial parent so that the children can stay in the home they are comfortable and familiar with. Advantages include providing the children with the ever-so-important continuity during this time of transition and change. Another advantage is the possibility of using the home as a bargaining chip in alimony and child support negotiations.
Disadvantages include having to agree on the fair market value of the home, facing the possibility of either paying too much or not getting enough, and dealing with your spouse on an ongoing basis if the buyout takes places over time rather than being a part of a one-time settlement.
Continuing to Own the House:
This option is more common than you might think. Here, you allow the children to stay in the house even if the custodial parent cannot afford to buy out the other spouse right away. So long as you both share the increased value over time, it may end up working out. Another advantage of continuing joint ownership is that both parties do not end up having to accept less money in a down market.
If You Have Questions About the Marital Home, Call Us
If you are contemplating divorce, or your spouse has served you with divorce papers, you need a solid exit plan. Because the marital home can be such a big issue in divorce, it is important to have a lawyer who can lay out your options and help you develop an exit plan that answers the question, "Who gets the marital home?" Don't go into divorce without knowing what you want to do with your house. Our attorney s can walk you through the process of deciding.
Contact Our Springfield International Divorce Lawyers
For information about selling the marital home or any issues related to division of marital property, contact our Springfield attorneys. Call The Massachusetts Family Law Group toll free at (800) 941-DIVORCE.
