What to Do with the Marital Home during Property Division

Couples in Utah facing divorce may have a lot of questions relating to what they are entitled to and how to divide assets. Property division can create a lot of conflict in an already tense situation. One of the biggest questions couples have regarding property involves what to do with the marital home after divorce.

Every couple is different. Some may wish to sell all property and split any income received equally or, in other cases, one spouse may wish to keep the home either for the kids or for emotional ties. No matter which option is chosen, future consequences should be considered before any final decisions are made.

Looking at the bigger picture will help couples decide if keeping the home is truly affordable for either one of them. Depending on each individual’s financial situation, it may not be possible for either spouse to obtain a loan to buy out or refinance the property on their own. However, if available, getting gift money from supportive family members can help with this situation. If finances do allow for a buy-out, how will doing this affect other financial areas in the long run? If a home loan takes up all available income, it may be best to look at other available options.

There is no cut-and-dry solution to dividing assets in all divorces, but fortunately, many options are available. At the end of the day, only couples can decide what works for them in their own circumstances. However, looking ahead at post-divorce finances can help Utah spouses decide the best way to go about property division.

Source: Fox Business, “How to Divide Your House in a Divorce“, July 14, 2014

Published On: July 17th, 2014Categories: Division of PropertyComments Off on What to Do with the Marital Home during Property Division
Share This Story, Choose Your Platform!
About the Author: Marco Brown
6d8a23cf114c43e68fc064216eff550b?s=72&d=mm&r=g
Marco C. Brown was named Utah’s Outstanding Family Law Lawyer of the Year in 2015. He graduated with distinction from the University of Nebraska College of Law in 2007 and is currently the managing partner of Brown Family Law, LLC.
Contact Us – We Are Here to Help You

Schedule a time to talk with us – we are here to help you. When you meet with your attorney, we will go over your entire case, your children, your money and everything else that’s important to you. Our goal is to remove the fear associated with divorce by protecting your money and maximizing your time with your kids, all within 3-6 months. We look forward to meeting with you!

Call us 24/7 at 801-685-9999 to Speak with a Live Representative
Get A Legal Consultation With An Experienced Utah Attorney
Your privacy is 100% guaranteed, your information will never be sold or shared.

While this website provides general information, it does not constitute divorce advice. The best way to get guidance on your specific divorce issue is to contact a lawyer. To schedule a divorce consultation with an attorney, please call or complete the intake form above.

The use of the Internet (or this form) for communication with the firm (or any individual member of the firm) does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.