What Happens to the House in a Divorce?
I am often asked as a Essex County Divorce Lawyer, what will happen to the marital home after divorce? What happens to the house after the divorce is a difficult question to answer briefly. Many things can happen to the home. The parties can agree they want to put the house on the market immediately. They’re sure that neither of them can afford – or wants to retain – the marital home, so they simply select a realtor and list the house for sale. One attorney may either escrow the proceeds from the closing, or the parties can split that money right away.
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Other times, one spouse has a particular reason that he or she wants to stay in the home. Maybe the children are settled in the current school system. Maybe one of the children is getting ready to enter the senior year of high school, and they say, “You know what? I need to stay put until the child graduates and is off to college.” Maybe it’s proximity. Maybe the home is near one spouse’s workplace, and they want to maintain the home post-divorce. The outcome really depends on the parties’ finances. Can one spouse buy the other spouse out? Can the spouse who wants to keep the home actually get the mortgage refinanced and maintain the mortgage? These, and others, are very fact-sensitive questions. Is there a history of domestic violence between the parties? In that case, it is important that the parties begin living separate and apart right away. The restraining order would require that.
What happens to the house is very fact-sensitive. Some couples are able to continue living under the same roof right up until the marriage is officially dissolved. Others decide they prefer to move out much sooner. Then, the issue becomes who’s keeping the home – if either of them is – and how are the mortgage and carrying costs for the home to be paid while the case is pending?
Are you wondering what will happen to your house after divorce? Contact Essex County Divorce Lawyer Tanya L. Freeman for guidance.
This educational video was brought to you by Tanya L. Freeman, a Essex County Divorce Lawyer.