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How to Handle House Division in your Divorce

Chances are that you only have one house. If you and your spouse are currently pursuing a divorce, then only having one house may present a very complicating problem. One spouse will doubtless move out if the marital estate during the divorce process, who will end up with the house in the long run. The first question that your attorney will want to address regarding your home is whether or not you or your spouse desires to keep it. If you both desire to keep the house, then this may be an issue for trial, as both of you cannot live in the house together post-divorce.

If you desire the home and your spouse is willing to give up residency, then you will need to determine whether or not you have the finances to actually buy out your spouse using marital assets on the home. This means that your spouse will get a fair amount of assets to compensate for the fact that he or she is not permitted to remain in the home.

If you cannot afford to keep the home, and your spouse cannot afford it either, then it is best to sell the house and split the proceeds according to the equitable distribution laws. Also, if you cannot buyout your spouse because you do not have sufficient marital assets , then this is the best option. However, if you can afford to buy out the home, then you and your ex will need to agree on a value to sell the home at.

The house will typically be valued by an appraiser. If you and your spouse still don't agree on the value, then you can do appraisals either together or individually and can also do comparative analyses. Contact a Denver divorce attorney if you want assistance with this property distribution. The lawyers at Sturniolo & Associates are ready and willing to help you with your case!

Categories: Divorce, Property Division
Sturniolo & Associates - Denver Divorce Attorney
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