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Keep or Sell Your Home Upon Divorce

By
Education & Training with Joseph Doohan

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.

Sham Reddy CRS
Howard Hanna RE Services, Dayton, OH - Dayton, OH
CRS

Great points, thanks for sharing!

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.

May 11, 2020 03:58 AM
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

It is important that a divorcee get some degree of financial counsel and learn to live on one income .

May 11, 2020 05:32 AM
Nick Vandekar, 610-203-4543
Realty ONE Group Advocates 484-237-2055 - Downingtown, PA
Selling the Main Line & Chester County

Having gone through this in the last year, want to add, this is a useful post for anyone going through this situation and obtaining financial advice is paramount.

May 11, 2020 06:55 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Joseph,  this is always a difficult one to work on in some cases.  I been on both sides with clients in the past!

 

May 11, 2020 09:26 AM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Divorce is such a terrible thing and I am saddened to watch my brother go through it right now.  I feel bad most of all for the kids, they definitely didn't sign up for it.  With regard to the home, my feeling is that the kids should at least continue to be raised in the home if that is possible.

May 15, 2020 07:19 AM