In most divorces, the division of property is one of the biggest issues on the table. Whether you and your spouse had just a house together or if you owned several parcels of land, the division between you both can be difficult without the guidance of experienced law professionals. Learn more about some of the ways you and your ex-spouse can divide real estate property.
Division Of Property When Children Are Involved
In many divorce situations where children are involved, the spouse that has primary custody of the children usually ends up with the house the couple shared while married. In this way, the children get to remain in the home they are used to. However, the spouse that is leaving the home is generally taken off the mortgage. If you have children and feel like you cannot afford the house payments on your own, discussing your options of selling it is best. Many people choose to hire a real estate attorney in these kinds of circumstances, especially if the divorce is one that involves an unwilling party like a spouse. If your spouse does not want to sell the home, but also does not want to live in it, your need for a real estate attorney is great.
The Option Of Financing The Mortgage
If you would like to keep your home after a divorce because of your children and you worry about high payments, discussing with your attorney about refinancing is a good idea. Some mortgage companies will refinance to lower the monthly payments. You will need to prove you have income and your credit score will need to be high enough to assume the mortgage on your own. If you do not meet these qualifications, you can discuss with a real estate attorney about your options. In most cases, people going through a divorce will sell the property to satisfy the loan and to have additional funds for finding another, more affordable place to live.
Buying A Hew House
If you are the spouse that leaves the home, making sure it is stipulated that you are no longer responsible for the debt is vital. When you find other real estate property to buy, the payments on the other home could keep you from getting financing if you are still listed as being a responsible party on another home loan. Hiring a real estate attorney for dealing with the property you have after a divorce is the best and least stressful way to go.
No one likes to think about fighting in court over property owned together with their ex-spouse. However, if you find yourself in this type of situation, knowing you have the guidance and experience of a real estate attorney is a good feeling.