In most marriages, the marital home is among the biggest investments. It also represents the security of your children. Note that the house you lived in before your marriage could also become your matrimonial home. So, if you're going through a divorce and not sure if you'll retain your house, you may want to consider seeking divorce attorney services. Below are a few other ways you can determine who gets the matrimonial home.
1. What is your state's regulation regarding property ownership?
To determine who will retain the house following a divorce, you should first know the state laws governing asset division during a divorce. If you bought a home in a community property state, you and your spouse are entitled to half of the home's equity. However, if you reside in an equitable distribution state, the court will be fair when dividing assets (including your house), but there's no surety that you'll receive 50% of those assets. If you owned the house before getting married and took steps to keep the house as a separate asset, you'll keep the house after the divorce. However, you should contact an experienced divorce law attorney to help protect your interests.
2. Do you have custody of your children?
When going through a divorce, child custody will often determine whether or not you'll receive the marital home. In most cases, parents with primary custody of children are more likely to continue using their home following a divorce than non-custodial parents with limited parenting time. Many judges view this arrangement as a way of promoting stability to children who've experienced the trauma and difficulty of their parents' divorce. Therefore, your first step should be to seek divorce attorney services to help you win your child custody case.
3. Can you agree on a buyout?
If you wish to retain your house after a divorce, your divorce law attorney may suggest that you agree to buy out your home and refinance it in your name. This is an excellent option in instances where you both have marital assets to balance your home equity. One way a buyout can occur is if the buyout terms are outlined in the divorce settlement agreements. In such a case, your co-ownership will exist until you make a buyout payment.
Going through a divorce is difficult for most couples, especially if you aren't sure whether or not you'll get to keep the house. This guide explains a few ways to determine whether you'll get the house. For the best outcome, ensure that you talk to a divorce law attorney.