After a divorce, there’s the question of what happens to shared assets. One of the biggest questions is typically what happens to the family home that the couple has shared over many years.
Sometimes, the couple knows right from the start who will get the house in the divorce, and other times, it’s a lengthy court battle. A lot of what’s determined in the divorce depends on the other assets involved as well as external factors like children and financial contributions.
What goes into deciding the fate of the family home?
Under most circumstances, the family home would be considered marital property. This means that two spouses purchased the home together when they were married. Martial property might also include cars purchased during the duration of a marriage or even money that was earned.
When deciding who gets the family home after divorce, the family law court might look at when the home was bought and who financed the home. For example, if the wife bought the house in her own name before they were married, that might impact the court’s decision.
The court will also look at the terms of a prenup if there is one and what other assets the couple can split. In most cases, assets will be divided as equally as possible.
Another thing that can contribute to the court’s decision is child custody. If there are children involved and one spouse has primary custody, that spouse might also be awarded the house.
How does the family home impact divorce proceedings?
Sometimes, there’s a lengthy court battle to determine who gets the family home. To avoid that, most spouses will come to an agreement with their attorneys on their own terms. An individual facing divorce should talk to a lawyer before entering into any agreement or signing over any assets.