Marital Home (who gets the house, splitting the equity)

Divorce is an unsettling event. Life after divorce is never the same. Divorce which is tiresome procedure it also causes a lot of burden on ones emotional health and well-being. When you have decided to divorce your husband, you would have to have knowledge on the marital home and its division.

Division of the marital home and its assets can become quite complicated if not handled well.

Marital home division-

The marital home is considered to be an important asset, since it can easily be converted into cash after sale. The house can be converted into cash without any sort of tax penalty.

The house in considered as one of the largest assets which is accumulated by the couple during marriage. Whether you and your ex-husband want to divide the house, sell it or keep it as it is would entirely depend on the couple and emotional attachment the couple has for the house.

If you and your ex-husband have decided to sell the house, you both would have to determine its worth in the market. You would have to be aware of the market value before selling or dividing the house.

If the house was purchased by one partner before marriage it would be considered as non-marital equity. The spouse, who bought the house, would belong to that spouse even after divorce.

If the house was bought as combined investment, the house would be considered as an asset for both the parties. If both the parties have spent money on the house an accurate assessment of the house would be required.

In some cases where neither party want or require the house, it can be sold and the assets can be divided between both the parties. If the couple have decided to sell the house, the couple would have to refrain from hostility and greed.

Marital home division and splitting the equity-

If you or your ex-husband have decided to keep the house, you would have to be sure of the exact value of the house so the division of the assets is fair and equal for both the parties. It would be essential to conduct relevant inspection of the entire house.

There are also cases where one spouse gets the house after an agreed resolution. This usually means that the spouse gets to keep the house and would also be responsible for paying the debts which are attached to the house. The spouse, who gets the house, would have to keep in mind whether he/she can afford the house after divorce.

In cases where there are children involved, the parent should try and stay in the same house. Shifting out or moving out from the house where young children are involved is known to be quite stressful.

During entire procedure it would be essential to get hold of a real estate divorce specialist. The specialist would help you with the entire legal procedure and the proper assessment of the marital home. You should always work to maintain objectivity when determining which spouse gets what.