Skip to main content

Who Gets the House in a Divorce in Southwest Michigan, MI

 

Divorce brings a toll on everything in your life – you are suddenly single, you need to decide how you will divide your belongings, kids, pets and, of course, who gets the house in a divorce. It’s an emotional and stressful process that sometimes takes years to end – but it doesn’t have to be.

In this article I will talk about who gets the house in a divorce, divorce property settlement, what happens to the house during the divorce process, who gets what and marital home rights.

Are you ready? Let’s go!

who gets the house in a divorce

Let’s start at the beginning.

HowStuffWorks defines 3 steps of divorce:

  • Separation
  • Divorce property settlement
  • Child support and alimony

In this article, we will look at step number 2 bit closer.

Who Gets The House In A Divorce?

Also known as divorce property settlement.

Normally, properties are categorized in two different types: Marital, and Separate.

Separate property

Please note that the definitions of Separate Properties vary by state, but normally, Separate Property refers to properties owned by the person before the marriage, a property you have inherited before or after the marriage or a property which you have received as a gift.

When you add your spouse as a co-owner of the property, you lose the Separate Property status – the property is now Marital Property.

Marital Property

Here’s how GalTime defines Marital property:”Marital Property consists of all income and assets acquired by either spouse during the marriage including, but not limited to: Pension Plans; 401Ks, IRAs and other Retirement Plans; Deferred Compensation; Stock Options; Restricted Stocks and other equity; Bonuses; Commissions; Country Club memberships; Annuities; Life Insurance (especially those with cash values); Brokerage accounts – mutual funds, stocks, bonds, etc; Bank Accounts – Checking, Savings, Christmas Club, CDs, etc; Closely-held businesses; Professional Practices and licenses; Real Estate; Limited Partnerships; Cars, boats, etc; Art, antiques; Tax refunds.”

wondering who gets the house in a divorce

When is Separate property considered Marital Property?

Some states will also differ between Active and Passive Appreciation when it comes to Separate vs. Marital Property.

Active Appreciation simply means that your partner contributes directly or indirectly to the house income.

Passive Appreciation is a bit more complicated. If you used any of your marital income on your personal property, it can be considered as a marital property.

So who gets what?

When dividing your assets, these things are taken into consideration:

  • How long your marriage lasted
  • Separately calculated income of the spouses
  • Living style and standards
  • Your emotional and physical health
  • Financial situation after the divorce
  • Custody needs
feeling divided on who gets the house in a divorce

Divorce takes time and it involves more than just you and your spouse. When you’re dealing with divorce property settlement, it’s best to hire a divorce lawyer. However, by doing so it makes it impossible to predict who will get what, including who gets the house in a divorce.

When should you take your divorce to court?

Hire a reputable divorce lawyer first – they will do their best to help you settle things in a civilized matter. If your spouse is not cooperating or refuses to get in contact, that’s when you should consider taking divorce to court.

I also suggest taking a look at The Uniform Marriage and Divorce Act which looks closely at property settlement laws for eight states as well as child custody, the division assets and more. All your questions about who gets the house in a divorce will be answered.

What about divorce house buyout?

In a buyout, you will first have to determine the value of the house.

The easiest and simplest way to determine the value of the house is to sit down with your spouse and agree on it – however, it is hardly ever that simple. Again, this is where your divorce lawyer or your financial advisor will be able to help you.

deciding who gets the house in a divorce

Can I be forced to give up the house?

In order to avoid having to give up the house, you need to make sure you agree on some kind of a financial settlement. This is where a buyout comes into play. If you’re financially unable to fulfill the court requests, the best option is to sell the house and opt out to buy a house with a smaller value.

The court often also takes the welfare of your children into consideration – often the children stay in the family home due to the number of assets, the lifestyle and the courtesy of causing as little disrupting as possible.

So what should my first steps be?

Firstly, I suggest sitting down with your spouse and really talk about who gets the house in a divorce. Determine how you will divide your assets, think of custody and property settlement. If a decision has been made or in the case of no cooperation, your next step would be to contact the divorce lawyer and determine whether you need to take things to court.

Divorce is a complicated process and often the most stressful time for most people. Think clearly and don’t make any quick decisions, especially if you have children. If possible, make sure that things are fair and understandable for both parties.

Thinking of selling your house after the divorce?

Give us a call on 231-392-3262 – we buy houses and give you a cash offer within 24 hours – your house could be sold in a week! Moving on has never been this easy. Are you worried about repairs? Don’t be – we will take a house in any given state.

We’ve helped hundreds of homeowners sell their Southwest Michigan houses. Give us a call on 231-392-3262 to receive your first quote! We will answer any real estate questions you might have.

Comments

Popular posts from this blog

What Real Estate Investors in Southwest Michigan Should Expect During The Coronavirus Pandemic

The coronavirus pandemic has a lot of people wondering what will happen next. We can only use our previous economic experiences to understand what this situation would mean for property owners and real estate investors. Here’s what real estate investors in Southwest Michigan should expect during the coronavirus pandemic. Shift in Demand The real estate market is expected to start having fewer buyers and more homes for sale. This means that buyers will have the upper hand during real estate negotiations. There will be less demand for homes, so the sellers will have to be willing to sell at what the buyers are willing to pay.  Price Dip Homeowners may be losing income and might not be able to afford their mortgage payment. There may be a surge in distressed properties, which means real estate investors can pick up properties for less than market value. They will have more negotiating room when it comes to traditional real estate purchases. Housing prices in general ...

Process of Selling My House to Cash Buyers

When it comes to selling a property, homeowners have many options. From the traditional hiring of a realtor and sitting months on market to listing a for sale by owner and selling your own house, homeowners make the best personal decision with the most knowledge they have. Unfortunately, many homeowners have little to no experience working with we buy houses companies. The benefits of cash buyers are numerous, so when I want to move on quickly I’m selling my house to cash buyers. The Benefits of Cash Buyers My first property was a traditional starter home and required nominal financing to afford. Once I procured a higher paying job out of state, I knew I needed to sell my house quickly in order to relocate. After researching local real estate agents that came highly recommended, I realized the average realtor couldn’t promise a sale real estate closing within a specific timeframe; waiting months of a potential buyer to purchase my home wasn’t an appealing outcome. ...

What is a Divorce House Buyout?

  Divorce house buyout may seem to add more complications in the divorce process. Getting a divorce can bring a lot of stress on yourself, your spouse and your entire family. From splitting your belongings to going into court and everything in between – one of the things you will also need to consider is who will keep the house . Will you sell it? Will you rent it out? There are plenty of options out there – but one of them is divorce house buyout. In this article, I will present what is a divorce house buyout, how to reach a divorce house buyout agreement and what are the best options you can consider when facing a divorce. Let’s do this step by step. What is a buyout? If you’re completely new to real estate, you might be asking yourself ‘what is a buyout’ in the first place. In the case of a divorce, the ex-partners will have to decide on splitting their belongings, assets, and even property. This is where divorce buyout comes in. Selling a house...