You fell in love with someone and then married that person. You and your partner purchased a home in anticipation of the birth of your first child. Life becomes hectic, and you quickly realize how many conflicts you’ve encountered. Conflicts eventually lead into fights, and now you’re reading a divorce attorney‘s blog about what will happen to your house.
This is where the lawyers at Goldman & Associates Law Firm step in. There are no certainties in divorce; nonetheless, experience allows for reasonable predictions and expectations.
Both your requests and the best interests of your case will be taken into account by our divorce attorneys as they assist you through this procedure. They will also address possible orders issued by a judge.
Divorce Attorney Defining the Conditions Under Which a Married Couple May Hold Title to a Property
Two persons often own property together in a marriage, either as tenants in common, joint tenants, or tenants by entireties. If this is the case, then the property must be sold, mortgaged, or bequeathed by both parties. The majority of the time, a married couple will hold ownership to a property through joint tenancy or tenancy by the entirety. Tenancy in common ownership is less usual.
- Joint tenancy. You and your spouse jointly own the property, and upon the death of either of you, the property immediately passes to the surviving spouse. This is frequently referred to as joint tenancy with survivorship rights. Joint tenancy is a legal term that refers to any situation in which two or more persons possess property. It is not restricted to spouses.
- Tenancy by the entirety. Similar to joint tenancy, but applies only to spouses and is not recognized in all jurisdictions.
- Tenancy in common. Used when there are multiple owners on a property. When one owner dies, his or her heirs take over the property, rather than the other owners taking it over automatically.
Things to Consider When Making a Decision About Your Home
For most of our clients, negative memories of the house outweigh any positive ones, and this is why they come to us in the first place. The location of your home may also be a factor to consider. Numerous things will change as a result of the divorce.
Disposable Income
Your disposable income may fluctuate. Because you are investing more time with the kids, you may be unable to work the same number of hours or extra. Or you may be required to pay child support and/or spousal support, which may be temporary or restricted in duration.
Home Equity
If you wish to stay in the residence after the divorce, you must pay your spouse his or her part of the marital equity. You may be able to refinance the mortgage or give your spouse more assets to achieve an equitable divide.
Refinancing The Mortgage
Assuming you wish to stay in the house, your spouse will probably want his or her name removed off the mortgage. Consult a mortgage lender to see if you may refinance (and probably pay off your spouse’s equity).
Allow Our Michigan Divorce Attorneys to Assist You in Defending Your Marital Residence
For the sake of the children, the marital home may be a family inheritance, or it may be a wise investment. There are many good grounds to seek an award of marital property. Divorce attorneys at Goldman & Associates Law Firm can help you devise a strategy for staying in the marital home, no matter why you wish to leave. We can be reached by phone at (248) 590-6600 or by filling out our online appointment form.