In this post I am going to talk about whether or not you can keep or must sell your home upon divorce. The full post can be found here: https://www.thejoeeconomy.com/personal-economy/divorce-keep-or-sell-your-home/
Divorce cases require the couple to split the marital estate according to state laws where the divorce was filed. Under some jurisdictions, the couples are entitled to an even split of all assets they accumulated during the marriage.
Can You Afford the Mortgage Payments On Your Own?
Calculating the mortgage payments and insurance requirements helps a spouse determine if they have enough financial resources to pay for the property on their own. In a divorce, the marital property goes to one of the parties, or it is sold. If a spouse can prove that they can afford the property without assistance, there is a chance that they can keep it.
Who Has Legal Rights to the Home?
If the property was inherited from a family member, it is less likely that they will lose it, unless a prenuptial agreement entitles their spouse to inherited properties. If the couple bought the home together, either party has the legal right to get the property in the divorce.
Will You Be Required to Pay Mortgage Payment for Your Former Spouse to Live in the Home?
In some cases, the court decides in a divorce trial that one party has the right to the property.
What Happens If You Sell the Home?
Selling the home gives both parties equal rights to the proceeds generated from the sale. If the property was financed through a mortgage loan, the lender is paid off first.
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