Deciding who gets the house in a divorce is a daunting task when compared to agreeing on who wants it. You have to consider several factors such as mortgage responsibilities and whether you can keep the house. Most of the financial advisors have suggestions on the things you need to consider when deciding on whether to retain the house owner or not. It’s good for every spouse to hire a divorce lawyer in Buffalo to represent him or her on such legal matters.
The future occupation and retention of the house are typically the most contentious issues when it comes to divorcing couples. A home is the most valuable asset in any marriage, and this is a clear indication that one of the couples may be unable to re-house himself or herself without the share of the equity. The family house usually instrumental or has an emotional value.
The future of a family home is dependent on several factors:
The logical housing requirements of the divorcing couple must include children who are depending on both parents. If one of the spouses is capable of retaining the house without the inclusion of the other.
Even though every case is different from the other, the discussed above factors matter a lot when it comes to determining who retains the house. Many other things that are put into consideration include whether the divorcing couple has children who are depending on them. As a general routine, the court will rule in favor of the spouse who is responsible for caring for the children.
Children are a key determinant because a court of law will not allow children to reside in rented accommodation rather than the privately-owned house. In most cases, the husband may seek permission to have the house sold because he may not be in a financial position to acquire a new home. In this case, the court may favor the wife to retain the ownership of the family house especially if they have younger children who are entirely depending on her until the child attains an age of 18 years.
The other things that may be considered by the court include:
If the property is not exceeding her housing requirements and the divorcing couple has one kid depending on them, but the family house is a four bedroom in size, the court may rule the wife to downsize to relieve the husband from the mortgage.
If the wife proves that she can afford to retain the house, the Court shall not grant orders to someone who is not capable of financing the home. If the total wife earnings are not sufficient to cater for all the household outgoings such as a mortgage as well as the utility bills, the court will order the house to be auctioned no matter whether the property surpasses her reasonable housing requirements or not.
The discussed above are some of the factors that determine who gets the house in a divorce. Since divorce is a lengthy process, the divorcing couples, in most cases, opt for a legal solution.