Hiring a Divorce Lawyer
July 19, 2021
BY: Lesnevich, Marzano-Lesnevich, O'Cathain & O'Cathain
When it comes to getting a divorce, you might be wondering about your divorce and how it affects your homeownership. One of the main questions that divorce brings up is, who gets the house? This is a great question to ask because one person usually depends on the house as a place to live, because unless you are both earning a lot of money and putting money towards the relationship then one person is making more than the other in most typical cases. So usually this question is asked by people who have children, and maybe do not make as much as their spouse, and are worried about where they and their children will stay after the divorce.
A divorce lawyer, such as the ones available at Robinson & Hadeed Family Law, understands the fear and uncertainty that a divorce can bring to your family. A house is not only the largest asset that a couple owns together, but it is often an asset that has a lot of emotional attachment. You and your spouse decided that this home was where you were going to spend your life together, where you were going to raise your children and build your life. That is why this emotional attachment can make it impossible to let go of and assign a value to the home. In fact the personal importance of the home can make it a linchpin of property division negotiations, so let’s talk about the most common ways for a divorcing couple to settle the family home in a divorce.
If neither spouse wants to stay in the home or neither spouse can afford to stay in the home alone, a couple might decide to put that on the market to try and get the best possible price for the home. This gives all exceptionally hard on families because of the moving out process; everything goes very final and done, but oftentimes it is easier to have the money from the sale than a large asset there may remind them of their divorce.
A house buyout is when a spouse releases their interest in the house, in exchange for cash or the promise of cash to be paid in the future. This is most often going to happen in instances where the primary caregiver for the children want to stay in the house with the children, and there are a lot of intricacies with the buyout and you will need to work with your divorce lawyer in Tacoma, WA and your negotiator if you feel this is the best option.
Sometimes a sale and a buyout don’t work for your situation, and that’s okay. If this is the case, your divorce lawyer in Tacoma, WA might want you to consider co-ownership for a predetermined amount of time. Your lawyer can help you determine and clearly define the terms of this co-ownership. It will redefine your relationship with your spouse and you will now have a business relationship as the co-owners of the property.