Working through a divorce is a tough and unsettling time period in one’s life. On top of separating from your spouse, you’re attempting to divide assets to ensure that both of you leave the marriage with an equal amount of equity.
This becomes even more complicated when your home may be one of your largest assets. One of the main factors for who can end up with the house in Utah depends on who owns the home.
Who, Officially, Owns the Home?
Part of what will determine who gets to keep the home will be based on whose name is officially on the certificate of ownership. Oftentimes, couples will jointly purchase a house when they’re married, but this isn’t always the case. If one spouse’s name is on the title because they purchased the house, then they’ll be more likely to win the house in the case of divorce.
When Was the Home Purchased?
When the house was purchased during the couple’s relationship can also determine who will get to keep the home. For instance, if one person bought the home before marriage, and then the spouse that owns the home took steps to keep the home as a separate asset during the marriage, they’ll be far more likely to keep the home.
Determine What Matters to You
In many divorces, the equity of the home will be split 50/50. However, that doesn’t help to determine who gets the home. Instead, you should reflect on what matters to you most for what you’re “getting” out of the divorce. Sometimes, one of the spouses won’t want the home because of the memories attached to it or because they won’t be able to afford mortgage payments without their partner.
Consider these main points when you’re going through a divorce and are trying to figure out who keeps the house. Contact Enlight Homebuyers at 1-800-655-8322 for expert guidance. We are here to answer any of your questions and can help you sell your house fast, should you choose to do so.