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Dealing with the marital home

10292964_S.jpgAmong the most important elements to be considered during divorce proceedings in Springfield is ownership of the marital home. One might go into a divorce case thinking that retaining ownership is an issue they will not compromise on, yet a careful analysis should be made on the reasons for such a stance. Having a practical reason (e.g., remaining close to family and friends, not wanting to uproot the kids from the community) may be justifiable, yet if the main reason is due to a lingering sense of vindictiveness towards their ex-spouse, one might want reconsider their position. 

Why? Should one spouse insist on keeping the house, then that party will likely have to refinance it in order to take the ex-spouse's name off the mortgage. This amounts to essentially taking out a completely new mortgage, and as the personal finance site NerdWallet points out, that can be difficult following a divorce. The original mortgage was likely obtained based on a couple's combined income. Qualifying for a similar amount on only one income can be difficult. 

This brings up another potential drawback to keeping the marital home: one has to refinance the house not simply for what is still owed on a mortgage, but also to cover the amount needed to buy out their ex-spouse's equity in it. Thus, they may be left with an even greater liability than they anticipated. 

For this, reason, selling the home and splitting the proceeds. If a divorcing couple is underwater with their mortgage, the Institute for Divorce Financial Analysts recommends the following: 

  • Renting out the home
  • Selling through a short sale
  • "Birdnesting" (sharing tenancy of the home according to a custody schedule)

Depending on market forecasts, simply accepting the loss and moving on might also be an option to consider. 

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