Deciding what to do with your house when going through a divorce in Virginia Beach or Norfolk can be a challenging and emotionally charged decision. Your marital home is often more than just a property. It is a place filled with memories and shared experiences.
However, making informed choices about your real estate assets during divorce proceedings is essential to secure your financial future. Our experienced Norfolk family law attorneys at Tavss Fletcher can help explain your options and guide you in making the right choice for your unique situation.
Options for Dealing with Your Marital Home in a Norfolk Divorce
In a Virginia divorce, the fate of your marital home is a significant consideration. Since a marital home is considered marital property, it is subject to equitable distribution, meaning it must be divided fairly. However, that does not necessarily mean it will be distributed equally. Here are some options you have when it comes to handling your marital home.
Buy Out Your Spouse
If you have the financial means and desire to remain in the marital home, you can buy out your spouse's share of the property. This typically involves refinancing the mortgage to remove your spouse's name and paying them their share of the home's equity.
If you are pursuing this choice, you need to have the home appraised to determine its current value accurately. Our knowledgeable family law attorneys can help you negotiate a fair buyout amount with your spouse.
Sell the Home
Selling the marital home is a common option, especially when neither spouse wishes to keep it or when selling is the most practical solution to divide the assets. If you co-own your house, you and your partner must agree on the sale of the home.
The proceeds from the sale are typically split between the spouses based on the agreed-upon distribution formula or court order. This distribution aims to ensure an equitable division of marital assets.
Co-Own the Residence
In some cases, divorcing couples choose to continue co-owning the marital home. This decision is often made for the children's sake or due to financial constraints.
This arrangement can be complex, as it involves determining each party's responsibilities for mortgage payments, property maintenance, and other costs and how to handle a potential future property sale. It is essential to have a clear and detailed co-ownership agreement in place to address these issues in your judgment of divorce.