Many Denver couples may feel that the only option they have following a divorce is to sell the martial home. It is important to understand that every divorcing couple is unique, as is the method they take during asset division. Therefore, what they choose to do with their home depends on a number of factors.
The pros and cons of dealing with the marital home were highlighted in a recent article. As explained, the benefit of selling the house can be cathartic for some former couples that are looking to start over in every way. Before doing so, they should take into consideration the fact that buying separate homes can be a costly endeavor that may not financially benefit both parties in the long run.
If neither party is financially able to maintain the expense of a mortgage, then selling the home is likely the best option. However, if the home loan is upside down, the couple will have to split the debt.
Oftentimes one party wants to continue living in the marital home and can afford to do so. In this case, the mortgage will be moved to the person staying in the home, and the total value of the property will be considered when determining equitable division.
In order to ensure that your rights are always being considered during a complex property division, it is wise to contact a family law attorney for guidance. Laws contain many nuances that may be missed if you try handling the matter on your own.
Source: FT Adviser, “Pros and cons of options for divorcing couples,” Emma Ann Hughes, Jan. 2, 2014