When one spouse is awarded primary custody of the children, judges are often reluctant to interrupt the status quo – resulting in that spouse getting the house.
However, because it is usually difficult for one spouse to handle the mortgage and running the household alone, the couple usually ends up selling the house and dividing the monies. If possible, one spouse can buy out the other or keep the house and give the other spouse equivalent assets.
Never rush into an agreement. Stop and calculate how much money the sale of the house actually puts into your pocket. Are you getting a fair deal? Are you aware of the costs, fees, and taxes that will reduce your net proceeds?
- Real estate broker’s fees – usually between 5-6% of the sale price
- Closing costs
- Property taxes
- State capital gains taxes
- Lack of equity – value of home less what’s owed to the bank
The advantage of sharing ownership is that your children get to stay in the house they were raised in. However, there are disadvantages, which include:
- A credit report for either of you will show the entire amount of the mortgage – making it difficult to get credit for other purposes
- What happens if your ex makes late payments? It will hurt you in the long run
If you are involved in divorce issues, such as who gets the marital home, it is important to make sure you protect yourself and your children.
It is important to contact an aggressive and experienced family law attorney at the Orange County law offices of Amy M. Montes. Amy will do everything possible to achieve the best possible outcome for you and your children.
