The connection to a home can be profound. Homes serve as a backdrop for signifigant events and milestone. A home is typically associated with feelings of comfort, saftey and security. Homes can also have sentimental value, especillay if there are children involved. Homes can also have value as an investment. Which begs the question: “Can I keep my house in a divorce”?
A divorce represents profound change in various ways, including living separately and determining what to do with your house? However, before you decide if you really want to keep the house in a divorce, you should consider the different options. First, the parties can sell the house and divide the proceeds. Second, one spouse to keep the property and buy out the other spouse, and third the other spouse keeps the property and buys out the other.
The decision to keep a house is also dependent on if you can afford to keep the home. This decision is often dependent on things such as the mortgage balance, equity and income available (including child support and spousal support) to keep the home. If there is equity in the home, you should consider what assets you can utilize to either buy-out the other spouse or trade for the equity.
Prior to deciding if you can keep the house in a divorce you should have an understanding of the nature the nature and extent of the marital estate (what there is to divide?). If the estate is and the structure of the division is how to divide it. The decision to keep the home involves the structure of the division of the marital estate. Simply put, the deicsion to keep the house is dependent on affordability when structuring a divorce settlement.
Lawyers determine the nature and extent of the marital estate through a process called discovery, the formal process by which information is exchanged, under oath and subject to the penalties of perjury.
The strucure of the division Once you understand the nature and extent of the marital estate,
The key learning in this blog is the notion that the decision to keep the house in a divorce goes to the structure of the division of marital property. However, before structuring the division, you have to understand what there is to divide, and can you afford to keep it.
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By: Daniel Findling (2024)
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I have been exclusively practicing divorce and family law in Michigan for over two decades. The attorneys at Findling Law all share the core value of practicing law to help people navigate change in their lives, without compromising principles. We specialize in high socio-economic, high-profile and high-conflict cases, while also working with clients of all backgrounds. We recognize that the most important aspect of the practice of law is the application of the law to your specific circumstances. That is why we provide more free information on divorce and family law than any other Michigan law firm. We want to help you manage your situation. Allow our exceptional legal team to help you navigate the change in your life, without compromising principles.