If you and your spouse are thinking about getting a divorce, you must be ready to divide your marital property. The marital home is probably one of your most valuable assets that are hard to split. As you split your home, you must know your options under state law and the possible implications of the decisions you will make. A divorce lawyer near me can assist you throughout the divorce process including the part about addressing matters such as property division.
Concerns Regarding the Division of the Marital Home
In a divorce, the following can have serious implications on the way a marital home can be divided:
- Property classification. Typically, assets obtained by either spouse during the marriage are considered marital estate. This includes the house the divorcing couple lives in. but if one spouse owns the house before marriage, it can be considered separate property, which will not be distributed equally between both spouses.
- Equal division presumption. In the state, marital property equally belongs to both spouses. Thus, assets need to be split evenly. Sometimes, it may make sense to sell the marital house before the divorce to allow for an even distribution of its value web series review.
- Value of other assets included in the marital estate. If the marital estate includes other assets like businesses and investments, selling the house may not be necessary to achieve an equal split. Rather, one spouse can keep the house while allowing the other spouse to get more from other assets.
- Child custody arrangements. To help a divorcing couple’s children adapt to their parents’ divorce and continue the routine they are used to, a judge may decide that the parent who has a bigger share of physical custody stays in the marital house. Thus, this parent may get ownership of the house.
- Financial obligations associated with the marital house. If the marital house is still on a mortgage, a spouse who is awarded the property will take full responsibility for the related debt. Also, they must pay taxes and expenses associated with upkeep and utilities.
Why Hire a Divorce Lawyer
To get the best chance of getting the desired outcome on your marital house and other property, you must hire a skilled divorce lawyer. A good lawyer can give you legal advice, including those about your options and reprint your interests at each step of the divorce process. They will fight for what is yours and consider the best interest of your children.
