Information

Who Gets The House: Divorce And Your Asset

By: Jerry Clifford
Submitted: 2008-07-08 16:15:17
Print this article | Tell a friend | For publisher | Social Bookmarking
Rating:
 

People don't like to think of the end of something, but with divorce rates higher than ever before in history, the reality that you and your spouse might split some day is a likely one. How you divide the assets can be complicated.

One of the largest assets couples often accumulate during a marriage is their home. Whether a spouse wants to sell the house or keep it after a divorce is usually an emotional issue. No matter what, you will need to determine how much it is worth, and who it belongs to.

If the home was purchased by one partner before the marriage, it may be considered non-marital equity, and therefore belong only to that one person. However, if there have been re-mortgages since the marriage, then the non-marital equity clause may be void and the home may be considered the asset of both parties. This is when an accurate assessment needs to take place. If neither party wants the home, it can be sold and the assets divided. However it is a complicated process to sell together while undergoing a divorce. Greed or hostility on the part of one or both parties may make it very hard to settle on an offer. On the other hand, an ex-couple might be relieved to get any offer, just to get the situation over with.

If one party wants to keep the house, they need to be sure what its value is so that the division of assets is equal and fair. There have been cases wherein a spouse with an emotional attachment to the marital home accepts it in a marriage settlement in lieu of a much more economically valuable settlement. So maintaining objectivity is very important when determining who gets what.

However, there are some very real reasons why a person should stay in their home, for example if there are young children in the family for whom a move would be stressful. However, getting the house should not replace another more valuable offer, but be one part of an equal division of assets.

When getting an assessment, don't rely on your annual tax assessment. These tend to be low assessments, and a comparative market analysis will be far more accurate. If there is any concern, it may be wise to conduct any relevant inspections on the home, even if you aren't planning on selling. This will reveal any problems that may reduce the value, and will allow for a more accurate assessment.

Jerry Clifford has received the prestigious 100% Club award for his success as a real estate agent in the Minneapolis real estate area. He is certified as an ePRO and prides himself on attention to detail. If you need help in your search for Lake Minnetonka Minnesota real estate, visit JerryClifford.com.

Article source: Expert Articles

Most Recent Articles in Real Estate category

  • Government Sanctioned Realty Investments Part 1 - By: Todd Levinson
    Well, as all financial situations are different, I will assume that you have the wherewithal to fund this investment - or at least to get it off the ground. If you are a home owner then an equity take out may be the way for you. At any rate, you will need enough to buy the home, if not to make the mortgage payments (these will be covered by the students).
  • Government Sanctioned Realty Investments: Part 2 - By: Todd Levinson
    The first and most redeeming feature is that the property must be no more than two miles away from the campus. It may work if your property is on a direct bus route, but this represents wasted money and time to the student. Therefore a home that is walking distance will be a student's first choice. It is also an excellent advertising plus, and one that will be picked up on straightaway by applicants.
  • Buyer Beware - Partnership Homes. - By: Todd Levinson
    When buying with a partner, real estate deals always start off with the best of intentions. It is an exciting thing to be buying your first home and everyone is agreeable to everything. As long as the status quo can remain the same, the partnership will likely flourish.
  • Apartment tips : Find an Apartment in One Day - By: Patrick C O Connor
    Apartment shopping is complicated. You should ideally leave yourself more than one day to find an apartment. It is possible to find an apartment in one day. However, you'll get better results if you have more time to find the property and negotiate the best deal.
  • How to be a Prime Mover - By: Christian Jacobsen
    Usually the last things out of the old house are the first things you need in the new house; this means moving house should be easy, right? Wrong! Chaos reigns on moving day because most of us are more
  • Home Safety and the Dangers of Carbon Monoxide - By: Annabelle Krieger
    Carbon Monoxide is a deadly gas that can be present in the home at low or high levels depending on the age and maintenance of your gas appliances and furnace. Maintenance on these sort of appliances can prevent tragedy in your home.
  • Fun Retirements in Florida's 55 Plus Communities - By: Ted Guarnero
    In just a few short years and for the first time ever, a very large proportion of the North American population will all be over 55 years old. The figure is quoted as high as 85 million by 2014. The face of consumerism will be markedly changed as markets tap into the profits to be made from the 'silver' dollar. One of the up-coming popular changes we are seeing is the p
  • Get the Most Money for Your Home - By: Lee Bell
    Read on for secrets to getting the best price for your home. There are also tips for helping to sell your house quickly.
  • Senior Real Estate Specialists: Helping Seniors Enter the Market - By: Gregg Camp
    Another concern is yard size. Seniors need to keep in mind that while they can currently tend to a large garden and mow the lawn, they will not always be able to be so active. They need a property that will be manageable in size as they get older.
  • How to Avoid the Buyers' Market Blues - By: Gregg Camp
    If you overprice your home, you are essentially taking your home out of the competition. Buyers will move on to similar properties that are at a better price. It won't be worth their time to look at your home because there are better deals out there to be had.