Often couples are seen fighting over their home or their residential place in divorce cases. This might be because they have an emotional attachment to their current house or do not want to seek another home as it involves too much change. In most divorce cases, the spouse who gets the children’s custody gets the home, so their children’s lives are not disturbed. For example, most kids have their school, and other activities are decided according to their region. Even though the parents have decided to part ways, the child must not suffer or have to compromise on their old lives.
However, their choice is whether the couple getting divorced wants to keep the home. Depending on the circumstances, both of them might sell the house or mutually decide who gets to keep it. Most marital asset distributions are complicated, so it is better to consult a Columbus divorce attorney before starting the procedure.
How to handle your residential home mortgage after a divorce
- Anyone from both spouses keeps the house and pays the other one their share.
One of the simplest solutions to handling your home and its mortgage is giving the house to one spouse. The spouse that will keep the house has to pay the other party their share, as the residential home is always considered a marital asset.
Any marital asset is a shared property or possession between the wife and husband. However, it depends on how the couple wants to split their valuables, including their home and mortgage. Some couples might come up with an agreement that the other one can keep the home.
Nevertheless, it is always better to give the house to the parent who gets the child custody as it is easier for the children to feel safe where they grew up. But if the parents share joint custody after divorce, the one that can afford to pay the other party may keep the home.
While you are evaluating everything, ensure to keep the mortgage in mind as well. So if you plan to pay the other part, the differential amount ensures subtracting half of the mortgage amount from it.
- Put the property up for sale.
This is one of the easiest options for any divorced couple. If you do not have kids or other responsibilities like siblings or parents, selling your home and parting is a peaceful and convenient way to handle the distribution and mortgage.
As your house is up for sale, the mortgage might need to be cleared, but you both will get the deferred amount with which you can start your life.