A home is usually the most valuable asset a couple owns during a marriage. The typical situation involves a couple owning one primary residence. The couple decides to separate and start the divorce process. The consideration at that point then becomes what to do with the house.
There is an immediate consideration for the house. Who occupies the home? After the parties file for divorce, there needs to be a decision on what party will live in the house. Obviously, it will be difficult for the parties to remain under the same roof if they have filed for divorce. One party will live in the house if the parties can agree. This type of agreement the will lower costs and make the divorce process less volatile. However, if the parties cannot agree, the court will have to make that decision during a temporary order hearing. The court may also decide which party pays for the mortgage and other costs.
As the divorce progresses, the parties will have to ultimately decide what to do with the house. One party may want to stay in the house. If this is the case, the non-occupying party may have to buy out the other party or provide some type of offsetting property award. If neither party wants the house or can afford to buy out the other, the parties probably will need to sale the house. The sale proceeds are divided after the mortgage and other debts associated with the house are paid. If there is enough equity in the house, selling the property can be beneficial for both parties. Each party will get cash and have a fresh start.
Currently, Kitsap county and other surrounding areas are experiencing an appreciating market. Home prices are on the rise. So, there is an opportunity to cash out equity in a home. The key is obtaining a good realtor. Jeff at Burleson Law, PLLC will refer you to top notch real estate agents who can help you with your home sale.
Jeff Burleson is an attorney practicing divorce and family law in Kitsap County and surrounding areas. If you have any questions about divorce or selling your house during or after a divorce, please contact Jeff Burleson for a consultation.