What Can Happen to Your Home after a Divorce

When people get divorced, it is likely that that they will have a number of issues to discuss before things are finalized and each party can move on with their lives. More often than not, couples will find themselves disputing over property division and child custody when they decide to move forward with their divorce. Divorce can be stressful regardless of what topics are discussed, but when it is a high asset divorce, property division may be the one topic that can cause people to get angry and lead to things escalating.

Couples who have married may have purchased a home after they tied the knot. After the couple have filed for divorce, when the topic of property division is discussed, there is a chance that the home will be awarded to one spouse, but the presence of children can affect what the courts decide. For example, the parent who is the primary caretaker of the children may be awarded the home and the other spouse will have to move out. However, if there are no children, things can go differently.

Like most property that may be up for grabs in a divorce, the house could possibly be awarded to one spouse depending on whether or not it is labeled as separate or community property. If one spouse moved into a home that was bought by the other spouse prior to the marriage, the spouse who moved in may not have a chance of getting the home if the couple divorces. If it is considered marital property, the courts may use state laws to help them decide which spouse will get the marital home.

Divorce is already difficult to deal with, but when people have high net worth assets, they stand to lose a lot. Anyone who is divorcing their spouse and has questions or concerns about their property and assets should contact an attorney. Depending on state laws, your property and assets may be kept safe from your spouse should the two of you move forward with the divorce.

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