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The pros and cons of an important marital asset

On Behalf of | Sep 13, 2021 | Divorce

Divorce represents a new chapter in the lives of ex-spouses and their children. Important decisions must be made, whether that be in a cooperative or contentious setting. One aspect of marital dissolution involves what is likely to be the most valuable asset.

Purchasing the marital home

While some couples take a more pragmatic approach and sell their homes, others consider the impact on their children and wait for a later time. Another option is for one of the spouses to take over sole ownership of the marital home. A variety of scenarios result from these decisions, specifically minimizing the numerous changes that their children are already experiencing.

More peaceful proceedings may see a spouse agree to sell the home to their ex. Combining divorce negotiations with finding common ground on the cost of real estate presents significant challenges. Various factors can play a role in the process, particularly when factoring in the amount of equity in the house, not to mention responsibility for debts, loan fees, and title transfer taxes.

The spouse who wants to purchase the home must find the financial means to do so. Cashing out belongings and investments may be a short-term solution that creates long-term problems. Borrowing the money from a bank only adds to debt loads during already uncertain times.

Refinancing or adding a home equity line of credit are also options, as are asking family or friends for the finances. Another option could be an outright swap for another tangible marital asset that would provide the necessary financial means to fund a buyout without a significant debt burden.

Ending a marriage represents the beginning of a new life. While emotions may run high during the marital dissolution process, having a skilled attorney at your side can make a significant difference in your post-divorce life.