Issues To Settle When Dividing A House In Divorce
Simply due to the nature of divorce, you can expect to face challenges when going through one. One of the challenges many couples face is how to divide the house that they currently own jointly. When you own a house jointly with your spouse and then decide to get divorced, there will be issues you must discuss, and here are some of these issues.
Who Wants the House?
There are divorce situations where it is clear that one spouse wants the house and the other does not, and this can make things easier. If both spouses want the house, things are more difficult. If you can reach an agreement with your spouse about this, it will be a lot easier for both of you. You could even agree to sell the house and have neither of you keep it if this is a better option for you both.
Does This Person Qualify for a Loan?
If you can both agree on who will keep the house, it is important to determine if this spouse will be able to qualify for a loan. The loan you currently have will likely be in both of your names, which means you qualified for it based on both incomes. When you divide a house in a divorce and one spouse gets the house, he or she will need to refinance the loan on his or her own. This means that the spouse must meet the guidelines for a loan individually.
What Value Will You Agree to for the House?
Another issue you will have to talk about is the value of the house. It is not uncommon for couples to get an appraisal of their home during a divorce, simply to make sure they each get a fair share. After all, each spouse should be entitled to half the value of the home, and this is typically based on the amount of equity the home has at the time of the divorce.
Are There Alternatives?
If splitting the home like this is not a good option for you and your spouse, you could talk to your lawyer about alternative options.
Determining how you will divide the house is just one of many tough issues you will need to settle in your divorce. If you have questions about this or other issues, talk to a divorce lawyer from a firm that handles family and divorce law, like The VK Law Firm, today.
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