For many divorcing couples, their house is the most valuable asset in the relationship. At Scott & Heenan LLC, in Grant County, WI, the divorce lawyers help spouses settle issues of temporary and permanent living arrangements and property division when ending a marriage. Below, they discuss options for handling the home during this time.
Buying Out a Spouse
If one spouse wants to remain in the home, the two can agree to a buyout. The spouse who stays pays the other a sum of money in exchange for all the rights, title, and interest in the property. However, the amount might not be a 50-50 split of the equity. Factors such as the property value, other marital assets being divided, and spousal support usually affect the final figure. Divorce lawyers also advise their clients about tax consequences and whether the buyout should be a lump sum or payments over time.
Selling the Home
Both parties might want to sell the house, as doing so can free up funds to pay debts, downsize, and eliminate mortgage payments. Factors including market conditions and the state of the property will impact the sale results. A real estate agent experienced in selling homes during divorces will provide insight and skill in pricing and marketing the house effectively.
The spouses might decide to continue owning the home jointly and sell later. For instance, one person may remain in the house and make payments to the other until the housing market improves. The option can work well for cooperative partners who work with experienced and creative family law attorneys.
Since 1999, the divorce lawyers at Scott & Heenan LLC in Platteville, WI, have helped Grant County residents resolve homeownership issues. Allow these skilled and compassionate attorneys to assist you in finding creative and effective solutions for dealing with your house during a divorce and family law conflicts. Visit the website or call (608) 348-9506 to schedule a consultation with a divorce lawyer today.