Divorces are no walk in the park. Filing for divorce isn’t rare these days. It’s smart to know what could happen if you or your spouse ever find yourselves filing for a divorce.
Who Keeps The Property?
This is something that will need to be decided by you and your spouse. It’s likely that you’ll just sell the property. Most divorces require the property to be sold to avoid conflict if both parties would want to keep it. Typically, the pair will divide the proceeds between the two after deciding to list the property. Be aware that the sale process can be lengthy, especially if offers aren’t being made.
What is marital property?
Typically, marital property is anything you or your partner acquired or received during the time you two were married. Some examples would be, cars, houses, even the money you’ve earned from work.
What is separate property?
Only one spouse can be given separate property. Counting your home as separate or marital property can differ based on a few things, including whether or not you live in a community property state or an equitable distribution state.
What is a community property state?
Almost all things acquired during the duration of your marriage is owned 50/50 in a community property state.
If you were the owner of the home before being married and your name was on the title, ownership will remain separate. Community property states include Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin.
House options while divorcing
- Divide large assets – Though you’ll still have to find the value of your assets, this could be a quicker way to finalize the divorce.
- Sell the marital home – This could be a way to pay any fees received due to the divorce. This can also make for easier separation and could provide closure.
- Buy out the other party – This would be a great option if the real estate market your in isn’t in a great spot and selling it would mean taking a loss.
- Co-own a divorced home – This is the practical option if someone can’t afford to buy the other out.