Divorce’s aftermath
Getting a divorce always comes with splitting your property. And although many aspects of this process could be solved quite easily, there is still one that brings a lot of troubles and counterarguments, i.e., your house or an apartment.
In this article, we will go through the basics of dividing your house and provide you with the best options for dealing with this situation.
Deciding who Gets the House
There are many aspects that could be considered while deciding who will receive the house, but all in all, there are three main questions that the court would ask and base their decision on, i.e.:
- Was the house purchased before or after your marriage?
- Who paid for most of the mortgage payments?
- Are there children involved in this process?
After answering these questions, there are also three main ways for you to deal with the situation, such as:
- Sell the house. This would be the easiest solution to this problem, as you could simply close your mortgage with this money and split the rest in half. What is more, there would not be any unresolved issues between partners, which means that both of you could have a fresh start.
- Let one person keep the house. The second easiest option would be to leave the house to one person. What is more, this would be the main case if children are involved in this process: the court would not let you sell the house that simply. This choice could also mean that you would have to pay for the whole mortgage yourself or buy off the part of the house belonging to your partner. However, the mortgage would be recalculated in this case; remember about that.
- Keep the house for both partners on a temporary basis. It might be the case that you do not have enough money to pay for the mortgage yourself or buy off the part of the house belonging to your partner, which is why the couple might also decide to keep the property without any divisions for some time so that one of you could save up some money for buying off the partner’s part.
However, the easiest case out of all would be to divide the house without the help of a court. You could simply sit down together and decide who needs or cherishes the house the most and tell your lawyers about the final decision.
By doing things this way, you will save yourselves from spending additional money on the judges and might even solve this problem without the need for a second party to pay the other partner off.