A house owned by the spouse can be a valuable marital asset. The house can likely hear emotional connection for the family members, especially for children. Unfortunately, the decision to divorce can be challenging for the spouses and the family members. The most difficult part of divorce is the asset or property distribution among the spouses.
The process of property division can be very complex. In such cases, contacting Milwaukee divorce attorneys would be advisable. Property division does not define which spouse gets the house, but it instead compensates each spouse for their share of the property. You must know how the house can be divided in a divorce case.
- Buying out
You can consider buying out your spouse if you want the house for yourself. You will need to refinance the home’s mortgage loan and come up with cash to buy out your spouse to get the property. However, buying out your spouse would not always be feasible as interest rates and credit rating are involved in the refinancing.
- Selling the property
You can consider selling the house if buying out your spouse is not possible for you. Selling the property can also be ideal if both spouses do not want to stay in the family home. You will be required to split the amount of the property with your spouse when you decide to sell the house during the divorce.
- Deferred sale and compensation
You and your spouse can go on the property after the divorce, given both of you have enough financial resources. Any of the spouses can choose to go for this decision, or the judge can likely issue this order.
Judgment issue the order of the property is the primary parent has the physical custody of the child and if the child needs the stability of a family home. This option can also be helpful when the real estate market is weak. It will be a must to contact a divorce attorney in Milwaukee if you want to consider this option.
- Separate property
The property will not be distributed between spouses if one has the house as separate property. However, one of the spouses will be entitled to the house if marital funds are used for mortgage payments, repairs, or renovations. One of the spouses may get an equal or fair share of the house’s value increases before the divorce.
When the couple wants to divide the house between them, several factors and options can be considered. Although, each spouse must know that specific legal procedure are involved during the divorce. As a result, it would be in your best interest to contact an attorney and ask for their legal expertise during the case.