Many married couples have made the decision to buy a home. A family home often makes up a large portion of a couple's assets, and it can be difficult to divide in the event of a divorce. Deciding what to do with a home during this period can be challenging and will likely have a significant impact on their future. Individuals in Alabama who are facing a similar situation may find that there are only a couple of viable options available.
One option is to sell the house and pay off any related debt, such as a mortgage. In an ideal situation, a person can make a profit from the sale, but this may vary depending on the local housing market. In some cases, he or she may still owe on a mortgage even after the home is sold. Knowing the value of a home and how much is owed is advisable when facing negotiations.
In many cases, one of the spouses will keep the family home. This may be more prevalent among families with children who want the kids to feel as comfortable as possible during this difficult period. If a person wishes to retain a house, he or she may seek to acquire sole ownership. If a person decides to refinance or keep a mortgage, sole possession may be necessary during the process.
The family home is one of the most important factors in a divorce. While there may be only a few options available, each of them can be complex. When facing a similar decision, a person in Alabama may choose to speak with an experienced attorney for assistance in covering every aspect involved, as well as advice on how to obtain the best overall outcome for the future.
Source: marketwatch.com, "What to do about your home in a divorce", Shawn Leamon, March 11, 2017