Who gets the marital home?
Clients sometimes want to keep the marital home in the divorce. This can be done in certain circumstances. It is most easily accomplished if only their name is on the mortgage or the home is paid off. In these cases, we negotiate a resolution where our client contributes half the equity in the property to their spouse as an offset against another asset.
Cases where both spouses names are on the mortgage become more difficult. The court is unlikely to saddle one party with a large debt on their credit when they are not receiving any benefit from it. Buying a new home becomes almost impossible for the moving parent in these scenarios. Here, our firm will try negotiating as much time to remain in the home if monthly payments are maintained on the mortgage. We have strong relationships with local mortgage agents who will work with you on a plan to refinance the mortgage into your name alone if possible. Obtaining a co-signer may be necessary.
In short, there is no such thing as just “getting” the marital home without consent of the other party or paying out equity to the other party. Many variables come into play. At the outset of your case, let our staff know your desired outcome so that we can begin to work on a plan that is best for you.
