When parties get divorced, the house is often one of the largest marital assets. In some cases, the parties can agree on what is going to happen with the house. But in other cases, the parties cannot agree.
In cases where the parties do not agree, the disposition can be complex. If can often become one of the biggest issues in the way of resolving the case. Many individuals ask their attorney what will happen with the house if they cannot agree.
Each case is different and different judges and courthouses might have different preferences. But all things being equal, there are generally three realistic possibilities in many cases.
First, the parties might agree to put the house up for sale or the court might order it be put up for sale. In these cases, the parties end up splitting any money earned through the sale of the home, in some ratio, after indebtedness is paid off, the real estate commission and the cost of the sale. Likewise, if any money is owed, the parties end up splitting whatever amount that turns out to be in some ratio.
The other two general possibilities involves either the husband or the wife retaining the house. They then re-finance the house and buy out their spouse of their portion of the equity. To determine what that amount would be, a real estate appraisal becomes necessary in many cases where the partiescannot agree on the value.
There are certainly other possibilities and complexities that can come into play as well. For example, same parties may be completely unable to work together to sell the home. In those cases, the parties might agree, or the court might order, the appointment of a commissioner to referee and coordinate the sale. Of course, the commissioner would generally be paid a fee for these services.
No matter your situation, if you are going through a divorce where the sale of a marital home is an important issue, you can contact Stange Law Firm, PC at 1-855-805-0595.