Divorce is hard. There's no way to make this emotionally challenging time a walk in the park, but there is one way to make it simpler: hire a good attorney. A divorce attorney can act as your go-between during the proceedings, which minimizes the contact you need to have with your ex-spouse. Overall, this can lead to fewer arguments and a settlement that is more fair for all parties involved. If you're on the brink of divorce, we think reading a little more about divorce attorneys on this blog will be helpful. That way, you are prepared for what is to come.
Going through a divorce can be one of the most challenging and emotionally draining experiences anyone ca
Divorce and custody battles are often one of the most stressful and emotional experiences a family can go
Divorce can be a difficult and emotionally draining process. Couples who are going through a divorce ofte
Child custody cases are emotionally charged as they involve questions about the safety, well-being, and u
Divorce is a challenging and emotional process, often accompanied by disagreements and disputes over vari
The process of dividing your assets when you are getting a divorce can be challenging. While it will be easy to deal with the small personal property items, you'll eventually get to a point where you need to decide what to do with your home during the settlement process. With a home being the most expensive asset that you own, making a joint decision about your home can be quite challenging. Here are some options for what you can do about your home.
Sell And Share The Profits
It is likely that the two of you will be downsizing after the divorce, which means maintaining the current home that you own together is not going to be practical. That is why many couples decide to simply sell their home and share the profits that come from it. If neither of you has an emotional attachment to the home and wants to stay in it, this can be a completely fair way to take care of your home, where both of you may even make a bit of a profit off of it if housing values have gone up since you purchased the home.
Of course, selling the home may not always be an option. You may have children that live with you, and you don't want to make a major change in their life. It is also possible that it is not the right time to sell due to housing values. In that instance, you need to decide on another option.
Refinance The Home
If one spouse is planning to keep the home, you have the option to refinance the home and put it all in the name of the spouse that will be staying in it. This is for a situation where one spouse wants to buy out the home from the other. The person that will no longer be living in the home will get a cash payment that covers the cost of the home that belongs to them, and the other person will keep the remainder of the cash from the refinance. That money can be put back into the home to lower the principal on the mortgage.
Rent The House
Is it not the right time to sell the home, but nobody wants to stay in it? Consider using the home as an investment property. You can rent out the home and split the profits between the two of you, which can be used to help pay for each other's individual housing after the divorce. At a later date, you can make the joint decision to sell the home and then split the profit when the housing market values your property at a higher value.
To learn more, contact a resource like the Budget Divorce Center.
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