Here are ten questions that you may want to ask about the matrimonial home when going through a separation:
- Who owns the home? If the home is jointly owned, you and your spouse may have an equal right to possession of the home.
. - What is the value of the home? Determining the value of the home is an important step in deciding how to divide the asset.
. - Is there a mortgage on the home? If there is a mortgage, you will need to consider how to divide the responsibility for mortgage payments.
. - What is the equity in the home? Equity is the difference between the value of the home and any outstanding debts, such as a mortgage or home equity loan as well as any costs associated with the sale of the property i.e., realtor fees, legal fees, mortgage termination fees etc.
. - Has the home been appraised recently? An appraisal can help to establish the value of the home, which can be important in determining the value of the asset.
. - Are there any liens or encumbrances on the home? You will need to consider any liens or other encumbrances on the property, such as tax liens or construction liens.
. - Have you considered the tax implications of selling the home? Selling the home may have tax implications that you should discuss with a financial or tax professional.
_ - What are your options for dividing the asset? You may be able to sell the home and split the proceeds, or one spouse may keep the home and buy out the other spouse’s share.
_ - What are your options for maintaining possession of the home? You may be able to negotiate a living arrangement where one spouse continues to live in the home while the other spouse receives a share of the equity.
_
There are several options available with respect to the matrimonial home when going through a separation. Book a FREE, 30-minute, joint, online consultation to learn more about the mediation process and how we can support you through your separation.
