Divorce Property Division – Who Gets To Keep The House And Other Assets?

In most cases, spouses own property in common during a marriage. Typically, this includes any assets that both people acquired during their marriage and that they share in both of their  names. Certainly, a house is one of the biggest assets. Other assets could include vehicles, bank accounts, savings plans, and even electronics. Splitting up assets can get messy in some divorce situations.

Who Owns the House After A Divorce

Since both people  probably need a place to live, ownership of a home can get complicated after a divorce. In the best case, the couple can agree which spouse should get to keep the house. In some situations, one spouse might even agree to buy the other out. For example, one  spouse might keep the house and the other spouse will agree to accept a savings or retirement account for compensation. In other situations, the divorced couple could retain joint ownership, but one spouse might live in the house as the other spouse lives  elsewhere.

Very often, the spouse who will have the highest burden of childcare might keep the house. If the home isn’t fully paid off, the couple also has to agree about who makes future mortgage payments. Besides mortgage payments, there are other costs
of owning a home. This include taxes, property insurance and maintenance. These burdens have to be taken care of or the house will lose its value and may even incur liens and penalties. If one spouse plans to live with children most of time, judges are certainly  going to lean towards awarding that spouse with the home that the children are accustomed to living in. That way, the kids don’t have to get uprooted from their neighborhood and their schools. Typical judges prefer to disrupt the children’s lives as little  as possible.

However, it isn’t always true that the spouse who has the most custody of the children will get the house. There may be some situations when it is better for the children to move. If the two people can agree to ownership in some sensible way,
the judge will probably accept the agreement. If they can’t agree, the case may go to moderation. If moderation doesn’t work, it may have to go before a judge in court.  The stronger the disagreement, the longer it will take to settle the dispute. The process  is also likely to run up more charges.

How To Avoid Disputes Over Property In A Divorce

There is no hard and fast rule about who gets to keep a home and other assets. Since most divorcing couples don’t have a lot of experience in the subject of splitting up  assets, they may need help to work through this. Typically, divorce attorneys understand how the law usually works and can provide some guidance. Each spouse will have their own attorney to offer suggestions, make certain that all assets have been uncovered, and to look out for the best interests of their clients.

Jeremy Johnson is the author of this article and is a real estate enthusiast.  He has written content for dozens of real estate and related sites around the world and  is publisher of http://realestatecompanies.info/