Division of Marital Home in Divorce
The marital home is an important aspect of a couple’s life and therefore should be given lot of attention while its division is being considered during divorce. It is sees that this is far from the case. Most people treat division of marital property very casually in marital agreement and divorce judgment. Dividing marital property, to include the home is a serious endeavor. You should seek the professional advice of a knowledgeable divorce attorney in Columbus GA before making any decision which may impact you in the future.
This comes as a surprise since the mortgage on marital home would be the largest shared liability of the couple. Couples who are getting divorced have rights so that they are protected if one of them decides to relinquish possession or ownership when house is not sold, refinanced etc as directed within time.
If one partner is handed over custody of marital home, he is required to set a date within which he would refinance the home and remove other partner from all sorts of obligations towards the property. He would also buy equity in the home from his partner. Apart from this the tile has to be transferred to the spouse occupying the house from the one who us moving out.
In a divorce where children are involved sometimes the divorcing couple reach an agreement where on of them retain custody of marital home and stay there even if it can be refinanced only at a later date. This condition has to be agreed by both participating parties and permission granted by the court.
There are other formalities that have to be competed when one spouse buys the other out of the marital home. This includes:
• Valuation of marital home
• Stipulation of appraisal
This is an ideal scenario and here the spouse occupying marital home works in tandem with the mortgage financing company or get the home refinanced in a way that the other spouse is removed from any liens, financial obligations and mortgages in relation to marital home.
Still other terms come into fore when the spouses reach an agreement and seek permission for one of them to continue in the home until minor children attain 18 years of age. The home can then be sold off and equity divided. Additional contingencies in the agreement terminates this condition, wherein the spouse resident in the home remarries or cohabits with someone. The agreement with regard to marital home should clearly outline the division of home equity at the time of sale of home.
Over the years certain improvements would have been conducted on home after the divorce and hence the details with regard to house payments, repairs, taxes, maintenance etc have to be clarified at the beginning with help from legal professionals.
The responsibilities are divided among the couple. The terms and conditions should be clarified and agreed upon so that there are no squabbles when the marital home is finally sold.