A major worry among many divorcing parties is whether or not one of them will be able to keep the home they once shared after the divorce is final. While some situations make this impossible, such as when neither partner can afford the cost of the house alone, other circumstances can lead to a positive resolution. Those in the midst of a divorce must consider several factors before determining if they are able to keep their current home.
Studying the Finances
For most people, the largest factor in deciding to keep the marital home is whether it is affordable on a single income. However, even if the party does not have enough income from their regular salary, he or she may be able to afford the home when alimony or child support is factored into the equation. In fact, many parents who keep their homes for the sake of not disrupting their children specifically earmark child support toward this expense.
Additionally, the parent who will not be in the house may be willing to give up equity at a loss under the right circumstances. Alternatively, they may want to keep their equity in the house and continue paying part of the mortgage so they do not lose an asset.
Talking Like Adults
Even in contentious divorce situations, parents may be able to come to an agreement regarding a marital home. Of course, this does not mean that one party will agree to help the other. They might want a full buy-out. In this case, the party who wants to stay will likely have to come up with a chunk of money.
Although this seems like a fruitful exercise for some divorcing adults, others may choose to take out loans or even borrow from family or friends. Or, they may be willing to negotiate in other areas of the divorce in an attempt to not have to move.
Factors Considered When Dividing Marital Property
When divorcing spouses cannot agree on how to split the marital assets, the courts will intervene. A judge will typically consider the following factors when making a determination about division of property, including the marital home:
- Length of the marriage
- Income and earning potential of each party
- Each spouse’s economic and non-economic contributions to the family
- The best interests of any children involved
Division of high-value assets such as real property are best negotiated with the help of a trained divorce lawyer. Attorneys who practice family law in Alabama can be objective in a way that their clients cannot, especially about matters pertaining to hearth and home.
Huntsville Divorce Lawyers at Hodges Trial Lawyers, P.C. Find Solutions for Marital Property Division
Are you trying to hold onto your marital house throughout your separation from a spouse? Though it might not be feasible, it could also be a way to keep your children from having to move to a new residence or even school district. Call our Huntsville divorce lawyers at Hodges Trial Lawyers, P.C. to talk about options. Our offices are located in Huntsville and can be reached by calling 256-539-3110 or 888-539-3110. You can also complete an online form to schedule an appointment. We represent clients in Jackson County, Madison County, Marshall County, Lauderdale County, Morgan County, Limestone County, and all of North Alabama.