Disputes Over the Marital Home and How to Resolve Them

Owning a house can be a source of financial stability, but it can also cause plenty of stress. The costs of maintaining a house never seem to end, and if your mortgage has a high interest rate and you did not place a large down payment, you risk having negative equity in your home if its value does not appreciate; to make matters worse, you have little control over the change in value of your property. At least the house gives you a feeling of stability, though. It is your forever home; all you have to do is keep making mortgage payments, and it will eventually become generational wealth for your children and their descendants to inherit. Even though it is hard to see it this way in the moment, owning a house can also save you from financial ruin if you get divorced. When you think about the big picture, you can see how the fact that you bought a house before or during your marriage can make the financial fallout from your divorce less bad, even if you personally do not continue living in the house after the divorce. For help thinking clearly about the next phase of your life after being a married homeowner, contact a Boca Raton divorce lawyer.

Can You Afford to Keep the Marital Home?

One of the most difficult decisions in a divorce is whether either spouse can afford to keep the marital home after the divorce. Which spouse should stay in the marital home is usually not a point of contention. If one spouse bought the house before the marriage, and the other spouse later moved in, the house is not a marital asset. If the couple has minor children, then the priority is for the children to remain in the former marital home, so the parent with the majority of the parenting time. This might mean that your ex keeps the marital home, but the marital home accounts for a fair share of marital property. If your ex has been steadily employed for the past few years, your ex keeping the marital home might mean that you don’t have to pay alimony.

Not everyone can afford this, though. The only option might be to sell the house. If you do this, though, each spouse gets a substantial amount of money. You won’t both be broke like you would be if you had never bought a house together.

The Resale Value of the Marital Home Matters, Even If You Do Not Plan to Sell It

Whether you sell the house or one spouse keeps it, you cannot finalize your divorce without an assessment of the value of your house. If you and your spouse disagree about the house’s value, this can prolong your divorce case. Therefore, you should have an independent appraiser appraise your house once the court has opened your divorce case.

Contact Schwartz | White About the Marital Home After Divorce

A South Florida family law attorney can help you keep your marital home, or else get a fair equalizing payment if your ex keeps it.  Contact Schwartz | White in Boca Raton, Florida about your case.

Source:

24-7pressrelease.com/press-release/525959/expert-insights-reveal-the-importance-of-divorce-appraisals-in-florida-cases