Divorce can be a complex and difficult process. There is a lot of debate and conflict over who gets what assets. One of the most important assets that are involved in a divorce is a house. Having a great divorce lawyer like the ones as Simonetti & Associates, a Huntington divorce lawyer, can make this process much easier.
How is property divided:
- Property is divided under the Equitable distribution law. Both persons in the divorce must tell the court their income and what debts they owe. Additional factors include: How long the marriage lasted, age and health of the spouses, If there are children and who has primary custody, the effort of a spouse in the house.
- The court seeks to divide the assets as fairly as possible between the 2 people. This does not always guarantee it will be a 50-50 split although this does happen.
- The property that can be divided during a divorce is marital property. Marital property is anything that was bought during the marriage between the couple, including a house.
There are a few different options that you can take when deciding what to do with your house during a divorce:
- Sell the house– This option may be the most difficult to choose emotionally, but in the end can oftentimes be the smartest decision, financially speaking. It would be very difficult to maintain house payments after the divorce especially if only one person is living there. This choice can be made more difficult if children are involved. Our Huntington divorce lawyer can help you make the best decision for you.
- Allow one person to take over the payment- This option can be risky since the person taking over the payment will most likely need to refinance the mortgage. This will mean that you will have to trust your ex-spouse to maintain and keep up with the payments. Otherwise, you could also be held liable for the payments even if you are not on the refinanced mortgage.
- Rent the house- If selling the house is not an option that you choose to pursue than renting it may be the best solution. This can allow you to make money that is split evenly that you can use to put towards selling the house down the line or just to use as house payments.
What to do when things become complicated:
If your ex-spouse is making this part of the divorce challenging because he or she refuses to agree or be cooperative, having a great lawyer can really help. At Simonetti & Associates, a Huntington divorce lawyer, we can help you understand all your legal rights and help mediate discussions to help ensure you get the most out of your divorce that you are entitled to. Make sure to contact us today to schedule a free consultation.