Navigating Property Division in a Divorce
Deciding what to do with the family home is one ofthe most stressful parts of a divorce. We provide clear, compassionate guidance to help you understand your options and make the best financial decision for your new beginning.
Urgent Issues to Address Immediately
Who Pays the Mortgage During the Divorce?
Until a final court order or agreement, both spouses on the mortgage are legally responsible for payments. A single missed payment will damage both credit scores, regardless of who lives in the house.
Action: Create a temporary written agreement on who will make payments to protect both of your credit scores.
Can My Spouse Force Me to Sell?
A court can order the sale of the marital home to ensure a fair division of assets if you and your spouse cannot agree on another option, like a buyout.
Action: Try to negotiate a settlement through mediation to avoid having a judge make the decision for you.
Common Inheritance Challenges & Solutions
Sell the House and Split the Proceeds
This is often the cleanest and most common solution. The house is sold, the mortgage and any liens are paid off, and the remaining cash equity is divided between spouses as agreed or ordered by the court.
Pros:
- Clean financial break
- Provides cash for both spouses to start over
- Eliminates future conflicts over the property
Cons:
- Can be emotional to leave the family home
- May have to sell at a time that isn't ideal for the market
One Spouse Buys Out the Other
One spouse keeps the house by refinancing the mortgage in their name only and paying the other spouse their share of the equity.
Pros:
- Allows one spouse (and children) to remain in the home, providing stability
- Avoids the costs and hassle of selling
Cons:
- The spouse keeping the house must qualify for a new mortgage on their own
- Can lead to disputes over the home's appraised value
Continue to Co-Own the House (Deferred Sale)
Both spouses remain on the title and mortgage, and the house is sold at a future date (e.g., when the youngest child turns 18). This is the least common and riskiest option.
Pros:
- Provides stability for children for a set period
Cons:
- Requires ongoing communication and agreement
- Both parties remain financially entangled and liable for the mortgage
- A future drop in home value could hurt both parties
Frequently Asked Questions
What if there is no will?
If there is no will (known as dying 'intestate'), the state's laws of succession will determine who the rightful heirs are. The probate process is still required but can be more complex and take longer.
What if my name is not on the mortgage?
Even if your name isn't on the mortgage, the house may still be considered a marital asset if it was acquired during the marriage, meaning you are likely entitled to a share of the equity.
Why is a quick cash sale often a good option in a divorce?
A fast, guaranteed sale to a cash buyer eliminates many potential conflicts. It avoids the stress of showings and open houses, provides a certain closing date, and allows both parties to get their cash and move on without being financially tied to each other.
How do we agree on a selling price?
If selling traditionally, you'd rely on a realtor's analysis. If one spouse is buying out the other, you'll need a formal appraisal. With a cash offer, you get a clear, immediate number that you can both evaluate to make a quick decision.
A Stressful Time Requires a Simple Solution
Get a fair, guaranteed cash offer for your home and avoid the conflict and uncertainty of a traditional sale during your divorce.
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