Are you getting a divorce and try to figure out an answer to the question – who owns the house after divorce?
Your house may be the biggest asset you have that will get split with your divorce. So, how to decide who keeps the house after divorce? There are various factors that play a role in the ownership of a home after separation.
Let’s take a closer look at the situation.
Co-Own the House
One of the least common options is to co-own the house with an ex-spouse after divorce. There are pluses and minuses to co-ownership. If you are a custodial parent and unable to buy a new home, then your kids can get a roof and can stay in the house anyway. You can buyout it by making payments over time.
But, co-owning is not so common because of the following disadvantages:
- Credit Reporting – Both husband and wife will need to list the mortgage as an open expense.
- Upkeep Costs – you and your ex-spouse will be responsible for tracking and splitting upkeep costs.
- Taxes – Though both parents are liable for the house mortgage, only one spouse can claim the interest deduction on taxes.
- Bankruptcy – A bankruptcy by either party puts the house at risk.
- Death of one party –Divorcing parties should plan the things for the situation when one of them dies because each has the right to leave his or her half property at death.
Do I lose the house if I move out?
No, you can still own the short-term rights to the house if you move out after divorce. It means you can return to the home anytime until the court formalizes a permanent solution.
The court is not biased against the spouse or civil partner who moved out and will make a decision based on several factors.
Who decides the owner of a house in a divorce?
It is pretty simple!
Both husband and wife need to decide mutually who owns the house after divorce. You and your ex-spouse can try to figure out how to get the house ownership or divide it properly.
If there is no mutual understanding or you cannot reach any solution, the court decides for you. The laws of your particular state will control how a judge will decide who gets the house after divorce.
The main factor the court will consider is the aim for the house, as stated by both parties. If one spouse wants to keep the house and the other spouse wants to sell, then it becomes a process of long hearings in court.
If none of you wants to keep the house, then disposing of the house is a great option. Each state has various laws with a list of factors that judges must consider to decide who owns a home after divorce.
There are lots of ways a judge might decide “who gets the home.” For more detailed information, you should contact an experienced family law attorney in your state.
Hire a Lawyer to Settle the Dispute in a Fast Manner
Why you should hire a divorce lawyer?
The divorce lawyer is experienced in these situations and will suggest options that you didn’t know before to make you aware of your rights.
Whether you had an agreement signed before the marriage to divide the assets after divorce or not divorce lawyer can help you. A lawyer can help you solve the issue as fast as possible with legal talks to divide the house unbiasedly.