When a couple gets divorced, their assets will be divided between the two spouses equitably (not equally.) One question that many couples who own a home together have is about what will happen to the house after the divorce and which spouse will get to walk away with it, if anyone does. There are a few different options about what will happen to the house they all depend on each couple’s particular situation.
The two biggest options when it comes to the house include selling the house and dividing the money from the sale or giving the home to one of the spouses. Usually, the spouses can come to this decision on their own. However, in some situations, the couple really can’t come to a decision and the judge will have to decide for them. The judge can grant the house to one spouse or decide for the couple that they will have to sell it. In order to make this decision, the judge will assess a number of factors including the custodial agreement that was reached if the couple had children, which spouse has a greater ability to financially afford the house, and whether the spouse who wants the house will be able to buy out the other spouse’s share.
If you have questions or concerns about entering divorce as a homeowner, it is important that you contact an experienced divorce attorney to discuss your situation today.
If you need strong legal representation regarding matters of divorce, family law, and estate law, contact the Law Offices of Susan A. Kassel, P.C. to schedule a consultation today.