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How a Mortgage May Be Addressed When You Separate

In Separation & Divorce by Elizabeth Stephenson

Besides your retirement accounts, your marital home is likely the most valuable piece of property you own. You’ve likely invested a massive share of your savings and income to build equity in this important investment. When couples separate and divorce, this home becomes one of the big issues in settling the division of marital property. One of the important details, however, when figuring out how the home will be divided is what happens to the mortgage? That’s right. While a house is a giant asset, your home mortgage is one of your biggest monthly expenses. Therefore, it is important to understand the options available to address the mortgage in an equitable distribution proceeding. One Spouse Gets the Home A common scenario is for parties to agree, or for a court …

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Who Does the House Belong To?

In Separation & Divorce by Elizabeth Stephenson

In many marriages, a house is the most valuable property a couple owns. This is true both literally and figuratively. Not only is a home of great financial value, but it is also a place full of memories and firsts for couples and their children. The first place you lived together, the place where your children were raised from birth, and the place your children feel safe. Your family’s home is a really big deal. As a consequence, when couples separate and divorce, houses are an incredible source of conflict. This leads to the key questions: who will get the house at the conclusion of the divorce process? Is There an Agreement? The answer to this question is pretty straight forward if parties have a prenuptial agreement, or a separation …