House is mostly the biggest asset that you have to split during the divorce. It becomes quite a controversy to divide the house. It's nothing new that dividing the house during divorce can be a very tricky choice, and of course, getting expert help from a qualified family lawyer like Edmonton divorce Lawyers is a great help. However, not only is the house the biggest asset, but it also has emotional aspects connected to it. Leaving or selling your residence can be very emotional and distressing, especially when children are involved.
So, how do you decide to split the house, and who gets to keep the house? Several factors play a key role in this decision. Let’s discuss some of these factors in this article and figure out the best way to know who gets the house after a divorce.
Is It Marital Property Or Separate Property?
Before you go on to decide who gets the house after divorce there are two questions you need to answer. The first one is, who owns the house? In most cases, both spouses can claim a piece of property. But it's not always like that. The simplest of all scenarios is that you both bought a house after marriage that you and your spouse made while being married. Then you’ll get a 50% share of the house.
For example, if you bought a house while married and now it's worth 2 million dollars, each of you will get a million dollars as your share. But remember that this distribution is not that easy.
In the equitable distribution of state property, distribution is very complicated. Equitable distribution means that the court will make fair decisions while dividing things, but it does not mean that each spouse will get a 50% share of each thing.
Complicated matters in asset division arise if one spouse owned the house before marriage. If that spouse takes steps to keep the house a separate asset, he or she will get to keep the house.
But, when the two households become one, their assets become commingled. If a spouse moves in and starts to pay for the mortgage or keep up the house, then it becomes a marital asset.
Unravelling the ownership and intent and balancing the house as an asset against another asset can become very complicated. In some cases, a spouse may agree to give up their share of a house in case they get greater interest in exchange for it. Mostly, it is the retirement account they usually get in exchange for their share of the house.
Who Decides Who Gets The House In A Divorce?
This is quite simple: either you and your spouse can figure it out, or the judge may decide for you.
If you and your spouse can figure out who gets the house, you’ll be able to save a lot of money and time. There is often an emotional attachment to the family home, and it may complicate many matters and often result in an all-out war.
The main disadvantage of trying to decide on your own is that one spouse may have greater ability in negotiations than the other. If one spouse has a strong personality and is dominating, the other spouse may be at a big disadvantage.
If this issue is decided by the court on your behalf, then you are imposing your trust on a stranger to choose for you. Although the judges have lots of experience, the nuances of divorce may not be taken into consideration. This may become a dollars-and-cents agreement. There’s also a big chance that family lawyers may be required when you entrust the judge to decide for you. The lawyers will cost you time and money. Moreover, if you want to do it quickly, this may not be the best option for you.
If You Want To Keep The House Make Sure You Can Afford It
Today, families need to determine their desires and want to know the harsh financial conditions they may experience during life after divorce. Not all families can maintain the same lifestyle after their divorce. It may seem nice to stay where you are living now without the hassle of moving out, but it also adds to your finances.
No matter how much you are emotionally attached to your house, the memories you had there and your desire to get it you should have a realistic sense to decide whether you can afford it or not. If you give up everything to get the house and then find out you may not be able to pay the mortgage, the property taxes, or other maintenance costs, you may end up in a serious financial situation.
Conclusion
Splitting your marital house is often the biggest and the trickiest asset to divide during the divorce.s Sometimes a spouse may give up their share of the house if they can get something more beneficial than the house, such as a retirement amount. But if you are willing to give up your house, you should consider the other financial difficulties that come with maintaining and keeping it.
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