The largest asset most people own is their home. Not only is it the most expensive item most people will ever purchase or own, it often is the most cherished item. After all, home is where the heart is. Unfortunately, when parties get divorced the marital home is just another asset to be divided. This can be heartbreaking for everyone involved. Who gets to keep the home is a big issue. The first question that needs to be asked is: Can either party afford to keep the home? Often the answer is no. The same amount of income after a divorce is going to have to support two households, as opposed to just one. This makes money tight for everyone involved. Assuming that one party can afford to stay in the house and the other party agrees the next issue that arises is: What is the home valued at? The parties can either agree on a value between themselves or have the property appraised. Once the value is reached terms regarding the buyout have to be addressed – For example, When will the party leaving the house in fact leave the house? When will they receive their money?
Sometimes it’s not financially possible for couples to keep their house and it does have to be sold. This raises its own set of issues: Will the parties continue to live together until it’s sold? Who is responsible for listing and preparing the house for sale? And many more. This blog is just the tip of the iceberg as far as issues regarding the equitable division of a home. Should you have question about what to do with your home during a divorce please feel free to contact the Edens Law Group at (908) 259-6565.