Couples who decide to dissolve their marriage can fight over their marital homes. This is especially possible with parents who live in the same house and have children. In this case, it is normal to be attached to the house. Also, a marital home is one of the most valuable assets that divorcing couples deal with while they try to reach a settlement. If you are in this situation, a Boston divorce attorney can help ensure you get a fair share of the asset.
How to Divide Your House in Divorce
Who keeps the marital house after a divorce is a tough question to answer. In Massachusetts, marital property is divided equitably between spouses. You and your spouse have some options on how you can divide your marital home. These include allowing one spouse to keep the house after buying out the interest of the other, selling the house and distributing the equity, as well as allowing a spouse to stay in the house for a certain period and selling it once the kids have turned 18 or graduated from high school.
If your divorce involves substantial financial assets, it can be easier to determine who keeps the house. One spouse can keep it while the other can keep other big assets like retirement assets, investment portfolios, investment property, or a vacation house. Your attorney may recommend hiring experts to evaluate your assets’ value to divide them equitably.
Co-Owning the House After Divorce
You and your spouse may agree to co-own your family home for a limited period. This can work if you have an amicable divorce and can easily reach a settlement with the help of your lawyers. In general, you choose this option to provide your kids with a greater sense of stability. You and your spouse will agree on how to make mortgage payments and how the proceeds of the sale will be split in the future.
Selling the Marital House
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If your home is slightly highly mortgaged and you or your spouse cannot afford it alone, it might be best to sell the house to protect your financial future. Also, when you sell the house during your divorce, every party can benefit from related tax exemptions.
The sale process has to be part of the divorce negotiations, which involve both of your lawyers. You and your spouse must agree on what level of offer you will accept, the renovations that must be completed first before selling the house, and how to split the burden of paying the sale-related costs.