If your spouse and you own a house together, one of the biggest questions on your mind is probably who will get to keep it now that you are getting a divorce. One of the bigger questions you should be asking yourself, however, is if you can afford it. Oftentimes, both spouses wish to keep the home instead of having to sell it for an equitable split. You probably have a lot of memories in your home and, if you have children, you are likely resistant to the idea of having to uproot them. That said, keeping your home is not always the best financial choice for either parent. As a couple, you probably had the benefit of a combined income and, without your spouse, it might be difficult or impossible to cover the property taxes, mortgage, and general maintenance.
To make sure fighting for your home is the right decision, consult with your divorce attorney first. At Galmiche Law Firm, P.C., our attorney frequently handles complex property division matters and will be able to provide the sound legal guidance you need.
Figuring Out Who Keeps the House
If you decide that fighting for your home is the right decision, but your spouse and you are unable to agree on who should keep it, a judge will make the decision for you. Since Missouri is an equitable division state, the home equity may not be divided evenly, but rather as fairly as possible.
To render a fair decision, a judge would examine many factors, which include, but are not limited to:
- Both party’s financial situations
- Both party’s contributions to the home
- The value of the home
- Both party’s job skills and ability to find employment
- Which party is the custodial parent of minor children
- The age, mental health, and physical health of both parties
- Sources of funds for the home
In many cases, to protect the best interests of the children, a judge would award the home to the custodial parent to ensure stability and consistency in their lives. To make up for this, the spouse who was not awarded the home may be given other assets to ensure property and assets are equitably divided.
- An agreement with your spouse for the disposition of the marital home may include:Buy out your spouse’s share to keep the home
- Agree to allow your spouse to continue to live in the home, but agree to sell it after a certain date
- Sell the home and divide the proceeds
Contact a Property Division Attorney Today!
If you are in the process of getting a divorce and fighting to protect your property and assets, contact the legal team at Galmiche Law Firm, P.C. for the knowledgeable assistance you need to safeguard your future. Our attorney has the experience and insight that is necessary to navigate the complexities of such cases, so you can feel confident in your ability to try to obtain the results you are seeking.
Reach out to our law firm today at (636) 552-4841 to request an initial case review with our skilled attorney to discuss your case!