words Al Woods
Although divorce is a mutual decision of two people, it comes with many complex matters like who will keep the house, who gets custody, and how assets are divided. One of the many issues that a divorcing couple has to face is deciding who will keep the family home.
House is the most valuable possession that no one wants to disown. A smoothly happening divorce can turn into a tough one because of it. However, certain things help come to a verdict of handing over the house to either of them. The top five factors to ponder over for forming this agreement include the following:
Determining if the House Is Marital or Separate Property
According to the legal requirements, you first need to have ownership of the property. It can also happen to be possible that both spouses have the proprietorship as most couples build a house and pay for it together. If both people have a contribution, then it becomes a mutual marital asset. It can be decided though as to who will get what amount of stake.
A community property stake allows us to have an equal share of the value. Whereas, if you live in an equitable distribution state, then it is not an easy task to be decisive about it. The court’s involvement occurs (after you fail to decide the division with your spouse individually), which does not always result in having 50% of the asset by each; this is why it is better to talk to a lawyer regarding this subject.
Sometimes, a prenup agreement may have already determined this for you. You should know if this will be an enforceable agreement given your current situation or not. If you live in NYC, consulting with this divorce lawyer in Manhattan will help you get a clearer idea of how to go about property division. NYC law is specific and requires a proper understanding of the rules, so try not to make decisions without involving an expert in the field.
Going Through a Valuation Process
If you are the one buying or selling the house, the correct way to fix the price is to carry out a formal appraisal process and make sure you do not overpay to buy a portion. Sometimes, spouses communicate and reach the point of splitting the amount as creating an estimate is not easy, be it for any asset. Your attorney will do the remaining homework for you. Remember, you cannot put the value yourself or bargain for resources in this matter unless you know their real value.
Analyzing Who Is Deserving Enough to Keep the House
Concluding who will possess the house or how its value will be divided is not a simple thing to do; it is a pact that has to be made, keeping in mind many factors. Each spouse has their particular demands while thinking of divorce; they are put forward to know what each will receive. The couple needs to follow the appraisal process for all the assets, and no quarrel will occur to reach an agreement, or else the court gets involved if they disagree in any regard.
Do You Even Want the Home?
Memories, flashbacks, and emotions kick in when you think about keeping the house as it will always make you remember all those little moments you lived in it. Thinking about your children and their mental stability after your divorce, having the home is probably a better option because of their sentimental attachment. You can always come to the point of deciding whether you need the house or not.
Agree to Disagree
Finally, if you cannot decide who will keep the family home, the best thing to do is put the house up for sale and divide the net value. Having a fair estimation will let both spouses negotiate peacefully. You have another option: the court stepping in, but it will surely not be the right choice.
Apart from all these factors, putting the decision on hold and giving yourself some time can also make things less hectic for you.
