When making a big decision on whether who will get the house after a divorce isn’t that easy. You will need a lot of things to consider like the mortgage responsibilities which is hard if you’re unemployed. So in this article you’ll learn exactly some of the pointers to keep in mind on whether who will keep the marital house, if it’s you or your partner.
Who gets the house in a divorce?
A home is one of the biggest assets for many couples. Making a decision on who will get this property after a marital breakup is one of the major issues that have to be resolved during the process of divorce. One spouse may decide to get the full ownership of the house as part of the overall property and asset agreement, as long as that spouse has the capability to pay for the mortgage payments as well as the other costs of ownership of the home.
There are some instances that it may be needed to sell the house and just split the funds between the two. This route may give some headaches for sure but don’t worry your divorce lawyer will make sure of it that you and your former partner will come to an agreement that is workable for both parties on the property settlement.
Perhaps you may want to keep the co-ownership of the house and continue paying with the mortgage as it is while waiting for your children to grow. When they’re old enough and have to settle down on their own, the house can be sold at this point and split the proceeds. For this agreement to work on both sides, the couple must be able to cooperate with another so the taxes and mortgage payments are being paid in due time.
What are your Divorce Mortgage Options?
If for instance your ex spouse is the one who will be keeping the home, you must not forget to change the name on the mortgage under his name only. You may not want to run into trouble because as long as your name is there, you’re still responsible for refinancing a house after divorce when your ex missed the payments of the loan.
Also if you’re letting him have the house, you must sign a deed stating that you’re giving the full rights of the house to him. But in order for that to happen, he must first buy your equity share as well as the refinances of the mortgage under his name.
How Long Will You Be Able to Stay in Your House After a Divorce?
If you’re asking on how long can I stay in the marital house will greatly depend on the property settlement you and your spouse had agreed upon. Also the divorce law on the current state you’re in will affect as well. Like in Maryland, wherein the court can decide to divide the property accordingly based on what is fair for them if both parties can’t agree on how to settle the home. Both have the right on whether to sell the property, keep it or one of them has it. But once they both decided to sell the home, they must vacate the house immediately depending on the sales contract after it has been sold.
If one spouse will keep the house after the divorce, the stay of the non-owner spouse will depend on the decision on the new owner of the house. The owner spouse has the right to make the non-owner leave as soon as possible. So it’s advisable to just leave the marital home after a divorce.