Settling practical issues is one of the most difficult elements of any divorce. Spouses have probably accumulated both debts and valuable property during the marriage. They have to find a reasonable solution for dividing both financial responsibilities and personal property.
As a general rule, the courts expect an equitable or fair division of marital assets. Spouses can negotiate a settlement on their own and pursue an uncontested divorce. If they cannot agree on terms, then they can provide information to the courts and ask a judge to allocate their assets.
Resources that required more investment often require more careful consideration when spouses divorce. Who typically keeps the marital home after a divorce?
Many factors influence major property division choices
Whether spouses try to settle property division issues privately or litigate their outstanding disagreements, there are a variety of factors that may influence the final outcome. Deciding who keeps the home can be one of the biggest hurdles to overcome.
In some cases, one spouse may have a pre-existing attachment to the home. Perhaps they purchased it from their parents or inherited it from a grandparent. In such scenarios, that prior connection could influence the best way to address the property. Spouses also need to consider their financial circumstances carefully. Not everyone can afford a mortgage on their own. Either their income or their credit score might limit their options.
Maintenance is another important consideration. One spouse may not be able to perform all of the tasks necessary to keep the property in safe, habitable condition. Child custody can be another factor that influences what happens with the home. The parent who has more time with the children may have a stronger claim to keep the house for the benefit of the children.
Of course, keeping the house does not mean the other spouse completely loses their interest in the property. Spouses frequently either need to withdraw equity to compensate their co-owners or use other property or marital debts to balance out the overall distribution of marital assets and debts to make it fair.
The spouse who moves out of the marital home could potentially retain retirement savings accounts or other assets in return for the concessions they make about the house. In scenarios where spouses litigate, judges look at factors ranging from the amount of equity accrued to custody arrangements and other key property division decisions.
Honestly reflecting on personal priorities and circumstances can help people develop reasonable goals as they prepare for divorce. Staying in the marital home is a valuable goal in some cases, but not everyone should fight for the marital home during divorce negotiations or litigation.