What Happens to a Home During a Divorce? 

When couples undergo a divorce, they have to make agreements on marital home and other joint assets. However, that does not indicate that selling the home is the sole option that is left in a divorce. Spouses who are divorcing have to divide assets as part of the divorce settlement process. However, how their home or the House Sale at Divorce proceeds is distributed is based on when you acquire the property and the state that you stay in. In case of an out-of-court settlement, you may take a joint decision on what is best for the two of you. 

Divide the big assets

In case you and your spouse have more than one big asset, such as a main home as well as a vast stock portfolio or a vacation property, you might like to divide the assets and each of you being the owner of about the same amount of assets. For instance, one will keep the family house and the other one will have the stock portfolio and the boat. 

Co-owning the divorce home

Couples who are divorcing or on the verge of signing legal separation papers may take a decision on keeping the ownership of the house together, and agree on details such as the manner of splitting the mortgage payments, when the payments would be made every month, when they would be sold eventually and who will obtain the home sale proceeds at that time. 

Selling the marital home

This is another common option where a couple takes a decision on putting the house on sale on the market and then splitting the whole proceeds. For divorcing couples, selling of the marital home gives the chance of a proper break and full closure. It can offer money to each property for finding new living places, settlement of debts and covering the fees of divorce attorneys. Get free agreements for legal separation in Texas or separation in Maryland here at forms.legal website.

Leave a Reply

Your email address will not be published. Required fields are marked *