The family home is not only the most valuable asset divided in many divorces, but it is also one of the most sentimental. The couple often purchased the home together after they got married, and they may have even raised children in the home. It is for all of these reasons that many people want to keep the family home during a divorce, but doing so is a complex process. If you want to keep your home in your divorce, below are the five steps to follow.
Get an Official Appraisal
An official appraisal will determine the fair value of your home. The appraiser will consider external factors such as the location, the lot size, and access to public utilities, as well as internal factors. The internal factors an appraiser will consider include the square footage of the home, the number of bathrooms and bedrooms, and the type of foundation.
Find Out How Much is Left on the Mortgage
You can learn how much is left on your mortgage by contacting your lender or looking at your mortgage documents. Once you know how much is left on the mortgage, you should then subtract that amount from the value of the home to determine how much equity is in the home....