Selling the Marital Home in Divorce
Divorce means getting used to a lot of changes, only some of which are welcome. For example, returning to the workforce after divorce can help you rediscover an extraverted side of yourself that you had forgotten existed. Spending the holidays with your siblings and your children after divorce can be as much fun as spending the holidays with your siblings used to be when you were young and single. Selling a house is never fun, though, and neither is refinancing a mortgage, even if the process leaves you in a better financial position than you were in before. Working out the details about which spouse, if either, keeps the marital home is one of the most time-consuming parts of divorce mediation and one of the most common reasons that divorce cases go to trial. A Mississauga divorce lawyer can help you if you and your spouse are trying to have a peaceful divorce, but the issue of possession of the marital home is a sticking point.
Keeping the House Isn’t Exactly a Windfall
If you and your spouse agree that you should keep the marital home, don’t start celebrating just yet. Paying a mortgage and all the other household bills on a single income is more expensive than it was to share household expenses. Obtaining a refinance on the mortgage will likely be part of the mediation agreement. Interest rates are painfully high these days, so even if you own a lot of equity in your home, your new monthly mortgage payments will likely be uncomfortably high.
Leaving Your Ex-Spouse With the House Does Not Mean Making a Break for Freedom
When one spouse keeps the marital home, the other spouse pays him or her an equalizing payment to compensate for his or her share of equity in the house. This does not mean that you can easily use it as a down payment on a new house. Over time, you might even have to pay some of it back to your ex-spouse as alimony, especially if your income is much higher than your ex-spouse’s.
Selling a House Is a Pain Regardless of Your Marital Status
Some couples decide that the only financially feasible option is to sell the marital home and divide the proceeds. Selling your house is not easy even when you are happily married, and the only people who have to agree are you, your spouse, the buyer, and some real estate agents. It is even more complicated when divorce lawyers and a judge have a say in the matter. Your divorce lawyer can help you prevent unnecessary delays when selling your house as part of the divorce process and make sure you get a fair share of the proceeds.
Contact Zagazeta Garcia LLP About Your Divorce Case
A family law attorney can help you keep your marital home after divorce and get an affordable refinance or sell it for a fair price. Contact Zagazeta Garcia LLP in Mississauga, Ontario to discuss your case.
Source:
quickenloans.com/learn/selling-house-during-divorce
