What About The House?
One of the most challenging questions in a divorce is who gets to keep the house that you and your spouse have shared throughout your marriage. A home is not only a significant financial asset, but also a treasured place where many meaningful memories have been built. With so much sentimental value attached, the process of letting go is sensitive.
At the law offices of Kathleen J. Smith, we are familiar with matters of property division in a divorce and can help you determine the status of your home as you prepare for post-marital life.
With offices in Sonoma and Santa Rosa, our firm is here to serve clients throughout Northern California. Call us at 707-387-0668 to schedule a consultation with a lawyer.
Your Ability To Afford The House Matters
Regardless of how much you may want to keep your house, ownership is ultimately tied to equity and to your divorce property settlement.
How much of the home have you and your spouse already paid off, and how much do you still owe on the mortgage? If your debt-to-loan ratio on your home has already been maxed out, it may be difficult to continue financing the property after the divorce.
Moreover, transitioning from shared ownership to single ownership can cause severe financial strain for the spouse who is left to take the mortgage on alone. If you or your spouse find that you are struggling to afford the home alone, the property may need to be sold.
Letting Go Of Your Home But Retrieving Your Investment
In some cases, the home may have only been affordable in the first place because one spouse brought significant financial assets into the marriage. Whether the money was inherited, earned or received as a gift, you may be concerned with retrieving your initial investment, regardless of whether you are interested in keeping the house. If so, we can help you reflect this desire in your final divorce settlement in a manner that is agreeable to your spouse.
Still, there is no universal solution to determine the fate of a marital home. Every divorce is shaped by unique circumstances that may affect how you and your spouse choose to settle. No matter how complex your situation may seem, we are committed to helping you find the best possible solution so that you can feel secure in your agreement.
Speak With An Attorney
We are ready to answer your divorce-related questions and help you resolve your concerns. Secure a confidential consultation with Kathleen J. Smith, Attorney at Law, by emailing us or by calling our office.