What To Do With The Marital Home, During A Divorce?
So this question comes to me from a couple who are getting divorced, and although it was an agreeable divorce at the beginning, they had decided how to divide their home. They both agreed that they were going to try to sell the house and then divide the proceeds from that.
Later on, the wife changed her mind and decided she did not want to sell the home, so therefore this agreement became a contested divorce.
What I explained to the couples and what I would like to explain to you that is that during a divorce, if there is a marital home that needs to be taken care of, there are two things that you can do:
One, you can sell the home, and any proceeds that you get from the sale are to be equally divided between the two parties
Two: if one party wishes to refinance the home, then that party may do so as long as the other spouse receives half of the equity in that home.
Those are the only two options that you have when going through a divorce and deciding what to do with your home. Obviously, you both will have to agree to that, and if you fail to agree, then it goes before the court and the court will make a decision as to whether or not you both will have to sell the house or one of you is able and has enough credit to refinance the home and then make the payments on the ongoing mortgage, and half of that equity must be given to the other spouse.
I hope that this has answered this question. If you want to discuss this further with me, or if you have any other questions that you would like to entertain with me, please go to vegasdivorcemeeting.com. I’ll be more than happy to sit down with you to discuss your situation.
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