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The Marital Home & Divorce: What happens to the house?

marital home

One of the major issues often arising during divorce is determining what to do with the marital home. In many cases, parties to a divorce are faced with the dilemma of deciding how to address the home where they resided during the marriage. In most cases, there are two options:

1.  Sell the house – In many instances, the parties want a fresh start upon their divorce and will simply decide to sell the marital home and divide the sale proceeds as they agree or as the court decides. This solution is typically the simplest way to address the martial home as the parties will not be required to value or appraise the property (for purposes of the divorce), as the value (and proceeds resulting therefrom) will be determined by the sale price. The decision to sell the marital home can become complicated if the house is “under water” (i.e. the debt or mortgage on the property exceeds the value of the property).  In situations such as this, the parties may want to consider a short sale of the property to free them from the debt associated with the property, but a short sale can become a complicated and long process. read more

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