Divorce is a tragic reality in today’s society, and often, the end of a marriage means that one person has to move out and leave their home. If you or your spouse need legal help to sell your house, you can consult Massachusetts Family Lawyer to know what happens when you divorce. Will the money from the sale be split up between both parties? And who gets the house after divorce?
When a couple gets divorced, many issues arise, such as who gets the house and if their signature will be on the new mortgage. It is essential to know what you can expect regarding financial and property issues when your marriage ends.
How are properties divided after a divorce?
The short answer is that it depends. If your property is registered in joint names, the law states that it will be split 50/50 between both parties. However, if one of you is on the mortgage and the house is in only one name, it will most likely be considered a gift and stay in their name.
Most people make a property agreement before they marry to avoid confusion and difficulties when the property is divided after a divorce. A written contract can state who owns what and how property should be divided if you ever get divorced. You can include many more complex terms, such as who gets to live in the home or how much money would have to come from each party for a new mortgage on the house.
Which properties can be split in a divorce?
A couple’s home is usually an innocent bystander in marital breakdown. For couples, it can be very difficult to decide what to do with the house once their marriage is over. Older people may need somewhere to live too, so that it can be a very emotionally charged time. Because of this, you should seek legal help if you are unsure about what your next step should be after divorce – this way, you can ensure that both parties are kept happy and that everyone walks away with what’s fair.
The value of the house will be taken into account when deciding who should own it following divorce. A “matrimonial home” is any property bought before or during the marriage, even if only one name is on the mortgage. This includes houses, flats, bungalows, blocks of flats, and even some rented dwellings.
The divorce or end of a marriage often means that one party has to leave their home. How the property is divided after divorce depends on the laws in your state, but it can be hard to know what you can expect when you go through a divorce.