While going through a divorce, assets and debts will be split up between both spouses. The most valuable asset tends to be the home and the largest debt is usually the mortgage. If one of the spouses owned the house before the couple was married, the house remains the property of whoever had it first. If this is not the case, the house and mortgage will be addressed in the divorce settlement.
A spouse is not allowed to kick their partner out if the house is joint marital property. However, if they receive an order of exclusive occupancy from the court before the divorce takes place, the spouse who has requested the order can forbid the other spouse from entering the house and can even change the locks.
In some cases, both spouses might end up keeping the house after divorce. This is usually done when children are involved to provide a stable environment. Once the children are 18, the spouse still living in the house can either buy the other spouse out or sell the home.
Another option is one spouse keeps the home. If this is done, whoever keeps the house has to refinance the home to remove the other spouse from any financial obligation.
After a divorce, the house can also be sold. Once someone puts an offer on the home, both parties must agree to accept or reject it. After the house closes, money from the sale is divided according to the terms of the divorce.
If you have any questions regarding divorce, or need any advice, don’t hesitate to call a JacksonWhite divorce lawyer. Call 480-779-7972 to schedule a consultation with family law attorney, Timothy Durkin.