Divorce is ever easy. The emotional upset coupled with the challenges of property division, child custody, spousal support and other decisions that must be made make divorce a very hard experience. Michigan is an equitable distribution state which means that any division of assets needs to be fair, not necessarily fifty-fifty in terms of value. For many couples, houses are the most valuable assets to be split when getting divorced.
Determining the future of a marital home has an emotional and economic aspect to it. From a strictly economic perspective, there are clear ways to help determine what is best in relation to this particular asset. If neither spouse wishes to retain the home, the decision is simple—sell it and move on. If one spouse does want to keep the home, it is important to identify whether or not they can afford to do so. This is not just in terms of ongoing expenditures but also in terms of his or her ability to buy the other spouse’s interest in the home.
These decisions can be affected by other components of the divorce process including spousal maintenance, child support and the division of any other property or assets. If it is deemed that one spouse can in fact afford the home as well as is able to pay the other spouse his or her fair portion, the next step is for both parties to agree on the value of the home. If this is not possible, the court may be required to determine the ultimate worth of the home.
The many aspects that affect ultimate division of property show how many people can benefit from the right legal help during a divorce. If you are in such a situation, you might consider getting a legal consultation to help you.
Source: Huffington Post, “What to Do With Your House in a Divorce Case,” Christian Denmon, December 9, 2013