If the time comes to push forward with the divorce process, you should focus a good portion of your attention on matters of property division.
While there are many assets and debts to consider, it’s critical to focus on the family home.
Whether or not you get the house as a result of your divorce depends on many factors.
For example, if you have children, the parent with physical custody typically keeps the marital home (if he or she is interested in doing so).
However, consider the fact that one person may have purchased the house with separate funds before tying the knot. In that case, it’s typically this person who is able to keep the home.
If the house was jointly purchased and there are no children, the court looks at a variety of factors when deciding how to distribute the property. For example, if you and your spouse are unable to agree, you may be able to sell the home and split the proceeds.
While your marital home may be the most valuable asset, remember this: If you receive this property as a result of divorce, your ex-spouse is likely to retain many other assets.
To improve your chance of success, you should create a property division checklist. This will help you better understand which assets must be divided, ranging from the family home to bank accounts to personal property.
Divorce will change your life in many ways, including the fact that you may need to find a new place to call home. Once you know how the court determines who gets the house in divorce, you can formulate a strategy.