School-aged children may be traumatized by a divorce, and being forced to move can compound their emotional distress. If you're worried about this and aren't sure what's best for your family, consider speaking with a child psychologist or family therapist that who can help you figure it out. Emotional attachment. It's often a very emotional decision whether to keep the family home; and although emotional attachment is not necessarily a "good" reason, it's an understandable one.
Many spouses become attached to their home because, for example, they've put lots of work into building their dream home, and it holds many great memories, or because their home has been in one spouse's family for many generations. There of lots of great reasons to try and keep the family home, but there are also some not-so-good reasons: spite, control, vindication, and greed. Don't let the emotional aspects of a divorce cloud your otherwise sound judgment.
While it's easy to see why it might be hard to leave, you also need to consider what's actually best for you in the long run. Today, families need to balance their wants and desires against the sometimes harsh financial realities of life after divorce. Not all families are able to maintain exactly the same lifestyle they had prior to divorce. While it would be nice to remain where you're comfortable and avoid the hassles of moving, staying put might not be the best financial decision for you.
No matter how attached you are to your home, it's critical to have a realistic sense of whether you can afford it. If you give up everything else in order to keep the home, and then find that you can't cover the mortgage, property taxes, and maintenance, you may end up in serious financial trouble. An appraisal is the insurance policy you need to protect your financial interests. The stakes are raised any time there is domestic abuse. In these cases, the abusive spouse can be forced to stay away from the house through a restraining order.
Violating it will make them subject to arrest. A spouse with children will be given preference to stay in the house until a settlement is reached, but not always.
The spouse may choose to move out to live with relatives or friends if the other spouse decides to stay. Also, if it is a longer-term goal to keep the house following divorce, staying in the house during a separation can be the least disruptive option as well.
Ross Garcia is a divorce mortgage maven. Ross is passionate about sharing his expertise in real estate and mortgage issues in divorce so you can make savvy financial decisions.
Who Gets the House in a Divorce? Survive Divorce is reader-supported. Some links may be from our sponsors. So, how do you decide who gets the house?
There are a number of factors at play here. Is it marital community property or separate property? Who decides who gets the house in a divorce? This is pretty simple. There are pros and cons to both. Determining how a house is divided is never an island unto itself. What factors does the court consider when deciding who gets the house? Options for dividing the house in a divorce Depending on the goals and desires of each spouse, there are several ways that a house is divided. Do you really want the house?
Welcome to the age-old battle between the heart and the head. How much is your house worth? The court or a divorce agreement can decide who is responsible for any debts. However, if you co-signed with your spouse and your spouse does not make debt payments as they have been ordered, you can still be held responsible by the lender.
You should write to creditors to ask them to close any joint accounts. Otherwise, you will be held responsible for the current debt and any future debt if your spouse continues to use the account. A creditor can still sue you if your spouse fails to make payments on the debt that you had co-signed. Creditors can sue you even if there is a court order that says your spouse is responsible for the debt.
It is very important to make sure that you are taken off any open joint accounts you may have opened with your spouse. You are not responsible for debt that you did not co-sign for. The court can order the home to be sold. If one of the parents has custody of the children, the court can delay the sale usually until after the child has graduated high school.
The court can also give the house to one of the spouses. This will be decided by all the things that affect equitable distribution. The court will consider how much the home is worth. It will also look at any mortgages and the other types of housing options.
Exclusive occupancy rights give one spouse the right to live in the house. The other spouse must find somewhere else to live. These rights can be given to the parent with custody of the children if the court has delayed the sale of the home. They can also be given for the safety of one of the spouses while the divorce is happening.
The court will always meet the needs of any children first if assets allow , and the needs of the parents secondly. If you are divorcing and you have a mortgage secured on your home, your mortgage lender will require you to keep up your repayments. If you are both named on the mortgage, then you are equally responsible for all the mortgage payments, not just half. If only one of you is named on the mortgage, then you are entirely responsible for the mortgage payments.
Your mortgage lender must accept these payments. No, not necessarily. However, divorce and property rights can be complicated and so it will depend on your circumstances. For example, it may be disruptive to your child to insist that they move home if they are about to sit exams.
In some situations, you may decide to stay in the property and your ex may receive their share of the property value when you eventually sell your home — perhaps after your child has completed their studies. If you are the joint legal owner of your home, you have the right of entry and occupation until a financial order is made by the court. Even if they have committed adultery or their behaviour is unreasonable, you cannot force them to leave the home if they are a legal owner.
If you temporarily leave the property you retain the right to return to it. If the locks have been changed you can negotiate re-entry and, if necessary, instruct a locksmith to assist you in getting back in.
Although you can be criminally liable for any damage you cause. You also have the right to apply to the court for an order to re-establish your right to enter. Your home rights only apply in the short-term. Once your divorce or dissolution, and the court-approved financial settlement have been completed, home rights cease to apply. If relevant, please include below the name of the other party so the solicitor can check they have not already provided advice to your partner :.
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