What Happens if Both Parties Want the House?
When former spouses want to keep a property, whether out of financial need or spite, things can get much more tricky. If the other party is willing to walk away from ownership, the one who stays can simply “buy out” the other’s interest in the property. This also requires the departing spouse to be removed from any deeds, mortgages, or other rights or obligations on the property.
On the other hand, if both parties want to retain possession of the property, the matter must be decided by a judge. Often, the ownership will be granted to one party at the cost of certain other assets that party may have wished to retain. That way, neither party gets more out of the divorce than the other. However, this also means sacrificing other things which the spouse that keeps the property might have wished to retain. Thus, it is usually best, even under contentious circumstances, to attempt to resolve disputes over property ownership amicably rather than by going through court.
One thing should be clear: the process of distributing real property between former spouses can be complicated and fraught with peril. For that reason, it would be wise to hire a competent, experienced attorney to help with negotiating an appropriate resolution or taking the case to court to best protect your interests. You can find an attorney using the attorney search feature on HG.org.
Provided by HG.org
Read more on this legal issue
Where Goes the House in a Divorce?
Dividing Real Property in Divorce
How Is Equity Determined in a Divorce?
6 Things to Do After Receiving Divorce Papers
How to Sell or Retain a Home During a Divorce
Preserving Your Assets after Disclosing Them
Can Separate Property Morph into Community Property?
When the State Can Place a Lien on Property for Back-Due Child Support
What Happens if my Spouse and I Don’t Agree on Decisions about Our Real Estate during Divorce?
Timeshare Legal Problems
Giving Children Custody of a House After Divorce
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer.