In a divorce, the home is often the most valuable asset a couple must share. Sometimes, if the couple have a sufficient amount of other assets, the judge may decide to divide the estate by assigning the house to one person and an equivalent amount of assets to the other. In many cases, however, the judge orders a split in half of the house, and many divorcing couples sell and divide the profit. If, on the other hand, you wish to continue living in your home, you will have to pay half your spouse in one way or another.
Steps
Step 1. If you haven't already, consult a lawyer:
He will advise you on how to handle every aspect of the divorce, including the division of the house.
Step 2. Get your home's market value estimated
Your bank or a local real estate agency can give you references.
Step 3. Discuss the matter with your spouse (if you still talk to each other)
- You can find a way to liquidate the ex partner over a longer or shorter period of time, or decide to forgo alimony for the child. If you agree to such a solution, make sure the agreement is official by contacting a notary to have both parties sign.
- Some divorced couples decide to continue owning the home jointly until a certain date. They share the costs, but only one lives in the house This is a decision that couples with minor children often make: the date on which the house will be sold could be, for example, the graduation of the child.
Step 4. Ask your bank about home loan options, if you have one
- You can continue to pay the mortgage on your own, after buying half of your spouse. In this case, the bank may ask for guarantees on your funds and financing choices.
- Many divorced couples decide to continue paying the mortgage jointly, especially if it is not long before it is paid off.
- Thoroughly review your financing options with an expert to find the most cost-effective one for your situation.
Advice
Have your lawyer prepare a deed of renunciation of the right of ownership to be signed by the spouse whose house you liquidated: this is important to be sure that upon your death the house passes to the heir of your choice and does not appropriate it. former spouse
Warnings
- Continuing to own a home jointly after separation can be difficult. Experts recommend choosing this option only if the mortgage repayment date is within three years of divorce.
- If you have a home mortgage, find out about due dates and interest on late payments.
