Family, Criminal & Children's Court Attorneys Since 1991

Accounting for a home in a divorce settlement

On Behalf of | Mar 16, 2022 | Property Division |

If you get divorced in the state of Wisconsin, you are generally entitled to a share of any assets accumulated during your marriage. In some cases, you may also be able to claim a share in the price appreciation of assets that your spouse brought into the marriage. Let’s take a look at what might happen to the family home after your relationship ends in the event that it is classified as a joint asset.

The home will likely be sold

Selling a home may be the easiest way for each party to get their share of its current value. It may also be the easiest way for each party to move on mentally and emotionally after a divorce. The first step in liquidating a house is to determine its value by having it appraised. If necessary, both parties to the marriage can have their own appraisal done.

When will the home be sold?

The house will likely be sold whenever it makes the most financial sense to do so. For instance, if market conditions are forecast to become worse for sellers over the next several months, a judge may order that the home be sold before the divorce takes effect. Of course, if you share a child with your spouse, a sale may be delayed regardless of market conditions to ensure that he or she has a safe and familiar place to live.

What if you want to keep the home?

If you qualify for a mortgage on your own, you may be given the option to keep the home as part of a divorce settlement. It’s important to note that maintenance and other costs will need to be taken into account when deciding if it makes financial sense to retain this asset.

In most cases, a divorce settlement is final as soon as it is signed by yourself and your former spouse. Therefore, it’s a good idea to review the document carefully before doing so to ensure that you’re getting everything that you might be entitled to under state law.