The marital home can be one of the most highly valued assets by Kansas couples making the decision to divorce. Unlike purely financial assets, real estate cannot simply be divided in two. In addition, many spouses feel a deep personal connection to the house. However, the financial priorities lead many couples to deal with the family home by selling it as part of the divorce.
By selling the home, the couple can pay off remaining mortgage obligations before dividing the proceeds equitably between them as part of the divorce settlement. When one spouse wants to keep the home, however, the process can become more complicated. It is often difficult for one spouse to afford the home, even if it was previously affordable for the couple as a family unit. Even if the remaining spouse can pay the mortgage and other bills, he or she will often need to buy out the other spouse’s interest in the property’s equity. Depending on the value of the couple’s equity stake and the other assets involved in the divorce, this could be a challenging task.
It is also important to ensure that the mortgage is refinanced into the name of the remaining spouse only before finalizing the settlement. Otherwise, the other spouse could be held accountable for debts and liabilities even years later. Similarly, the deed should be transferred into just the name of the remaining spouse. The other spouse could later choose to assert rights to the property and any proceeds from its sale if this change is not made.
When spouses decide to divorce, they often face an array of difficult emotional and financial choices. A family law attorney can help a divorcee plan for the future and achieve a fair settlement of outstanding issues, including property division and spousal support.