Massachusetts couples going through divorce proceedings are faced with a lot of issues that have to be worked out. Property division, in particular, can be an area that creates a lot of tension during litigation and can lengthen the time it takes to finalize a divorce agreement, if the couple can’t come to terms they are both satisfied with. While some small things may be easy to pick through and divide, deciding what to do with bigger ticket items, such as the marital home, can take a little more negotiation.
When deciding what to do with the marital home, couples first have to decide if either party wants to keep it or if they want to sell it and split the proceeds. For those who wish to keep the home, finances have to be considered to determine if it is an affordable option. The cost of keeping the home may not be a viable option with the new financial situations each spouse may find themselves in.
Determining the value of the home will give each spouse the knowledge they need to make an informed decision on what they wish to do with the property. If there is significant value in the home, the spouse not interested in remaining in the house may be reluctant to allow their ex to keep it, seeing it as a loss of potential earnings. If the desire to stay in the home is particularly strong for one individual over the other, and financially they can afford to maintain the property post-divorce, a viable solution may be possible by looking at other assets one might be willing to negotiate with in order to keep the home.
For couples in Massachusetts facing the question of what to do with their home during a divorce proceeding, there are a lot of resources open and available to help them determine the best course of action for their individual situation. Either by selling, mortgage assumption or even further distribution of other assets, finding a solution is possible. Property division can be a messy ordeal to work through, but with open communication, couples facing these decisions can find a solution that provides an equitable distribution for both parties.
Source: The Huffington Post, What to Do With Your House in a Divorce Case [Infographic], Christian Denmon, Dec. 9, 2013