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It's an exciting time when you are starting out your adult life, getting married, having kids/pets together, and possibly purchasing a house together. Many people do not plan on what will happen if things fall apart. Even if you have a plan, pre-nuptials, or other things to protect your future, it doesn't always go as planned. A divorce or separation can be a long, emotional and costly process; and this article may give you some information about what you can do with your matrimonial home and ease one component of the big process. The main goal is to find a resolution for all parties and start the healing process.

The process of getting a divorce or separation can be extremely stressful for all parties involved. There are three major things that typically get discussed: Children/Custody & Living arrangements, support payments, and the matrimonial home. Legal fees can be costly especially if the parties involved are not on the same page. This is especially difficult if the two people are not on the same page as selling their matrimonial home.

Over time, the real estate property is paid down or has appreciated. Typically you will need to get a home evaluation of the property and typically a real estate agent should be able to provide you with the current market value. Some lawyers may ask for a home appraiser to come out to determine the value, but most real estate agents do not charge for the evaluation. Be sure to continue to pay the mortgage, bills, taxes on the property so that it doesn't affect both party's credit scores. It is important to hire an agent who has experience with the process. Having a qualified real estate agent that has the patience and that can be diplomatic and impartial towards either side. 

If both parties decide to sell the property and divide the assets, costs come down in regards to the lawyer fees, all parties must sign for the disposition of the property.

If one party decides to keep the home, it comes down to if the one party can afford the fair market value.

Posted by AMANDA KU on


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