A Home Once “Ours” Needs to be “One” in Divorce

 Posted on February 17, 2013 in Family Law

Home is where the heart is - where food is prepared, meals eaten together, laughter in the air and chilling inside on cool evenings in silence. A marital home should be full of comfort and love. However, at times of hardships, the home can be a heated arena with much tension. When divorce occurs, the decision on what to do with the home is important.

When the home was purchased during the marriage, both spouses are owners of the property. During a divorce it will have to be determined by both parties what will happen to the property. Options vary and both parties need to know the consequences and the details of each to make the best decision for themselves as individuals now rather than as a couple.

Details must be arranged financially and carefully. First, who will stay and keep the home? If one wants the house, the title of ownership will need to be transferred with or without a settlement that both must agree on. The cost and payout will have to include any improvements the house has undergone over the years. Second, considering any outstanding mortgage or home equity must be calculated into the equation. Lastly, if no one wants the property, considering selling it to a third party might be the best option. The tax cost will need to be included and figured out as well.

Homes are supposed to be a place of peace and love. When it is not and divorce is imminent, a smart divorce attorney who knows how to handle property arrangement and sale is crucial to making sure you will get your fair half of the residence whether it be selling off or buying off the house. Contact a lawyer today in the DuPage County who will give you all details in the matter to give you a chance to make the right decision for you.