Asset division is a major part of the divorce process. For many people, there’s no greater possession than their home, and the thought of losing it can lead to lengthy legal battles. Attorneys at Brandau & Waltz La Crosse, WI, advise that there are ways to retain your home or even sell it while going through a divorce and that they can be mutually beneficial to you and your spouse.

Here they take a closer look at each scenario:

Retaining Your Home

Spouses commonly finance their home together. As a result, during a divorce, if the home is being retained, one spouse has to assume the responsibility for the mortgage.  The other spouse would receive a portion of any equity, a deed would be drafted to transfer ownership, and the mortgage, ideally, would be refinanced.  Attorneys will often propose a stipulation that the partner retaining ownership must refinance the home in their name, so the non-owning spouse is relieved of the debt.  There are options, if that cannot occur, including selling the property.  The solution requires give-and-take, so discuss a course of action with your divorce lawyer.

Selling Your Home

If paying the mortgage or dealing with emotional attachments is too much of a burden, you and your spouse can agree to sell while going through a divorce. If you’re on good terms, the process is essentially the same as selling a house outside of a divorce. If not, it’s best to work with attorneys and divorce mediation services.

Once a listing price has been decided, you’ll need to work with a real estate agent. At the time of sale, there should be an agreement on how the proceeds are divided which may depend on other factors, such as who paid the mortgage pending sale, additional assets, and additional debt of the marriage.  How this works in individual to each case.  It is best to have your divorce attorney help with the decisions and document the agreements.

Finding a solution for selling or retaining a home during a divorce doesn’t have to be difficult; Attorney Ann I. Brandau, at Brandau & Waltz can assist. She has over 30 years of experience working in divorce law and is dedicated to helping clients achieve a positive outcome. Call (608) 784-2050 today to schedule a consultation and visit their website and Facebook to learn more about their practice.