9 April 2011 0 Comments

Keeping the marital house

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When a couple divorces, one of the questions that arise is, “Who will keep the house?”  When determining if it is you who wants it, think about all the responsibilities that come with it – the mortgage, utility bills, the upkeep, and the size of it – is it too big for one person?

If your spouse has a marital interest in the home then it needs to be appraised and the accumulated equity has to be split between the two of you.  Keep in mind you may only have a certain amount of time to obtain the funds needed to give your ex-spouse.  If you keep the house, you can either refinance it, taking out the cash to give your ex-spouse or obtain a new home equity loan.

If you decide to leave and your ex-spouse is keeping the house, remember, as long as your name is on the mortgage, you will be responsible for the debt to the mortgage company.

Staying in your marital house or leaving it brings up many questions.  Contact a trusted Riverside County Family Law attorney to discuss your options and what is right for you.

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