The ink on the marriage license is barely dry and the next step for most couples is to buy a home together. So, what happens when happily ever after becomes more like nightmare before Christmas and you’re signing divorce papers?
Sure, if you are pleasant and agreeable (not usual) you can avoid equitable distribution, and you and your spouse split the property acquired during the marriage based on who wants what. But even in the best of cases, houses don’t tend to survive when cut down the middle, so how do you split the house?
There are a few options and each depends on your circumstances. If you both are able and willing to move out then you can agree that the house is to be put up for sale. If one party is willing to move out then the other party can stay in the home until it sales. The sale will pay off any debt owed on the house or property, and the remaining “profit” would be divided 50/50 between you and your spouse.
Yes, I know you want to keep the house and live in it, right? Well that is an option, too. You can “buy” your ex-spouses half of the house.
There are other creative options, so speak to your attorney, be clear about what your needs are, and be open to compromise– I mean really would a house with half of the walls be any use to you?
- Avoiding marriage’s No. 1 pitfall: money troubles (mysanantonio.com)
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Divorce can be a tumultuous time and if not managed properly, can be one of the most financially devastating life events. The process can be emotional and intense and the financial decisions you make during this time might be some of the most important economic decisions of your life. It is imperative to understand your complete financial situation. Knowledge and preparation will be crucial to your creating a sound financial agreement.