Divorce is not just a separation of lives – it is a separation of property. Equitable distribution of all assets, including any shared house or possessions, is part of divorce proceedings.
The Procedure for Dividing Possessions in a Divorce
Wondering how is personal property divided or split during a divorce? Don’t worry – you’re not alone. Millions of couples undergo the challenging task of dividing belongings. During or at the time of divorce the personal property is divided between the parties in an equitable fashion, which may or may not mean equally. Sometimes it is difficult to equally divide personal property because specific items are unique. However, it is preferable that the divorcing couple reach an agreement on how their specific belongings are going to be divided. One way to do this is by creating an inventory list of all property owned, then divide by the list. If couples cannot agree, then a court will decide. However, litigation in this situation may cost more than the property itself.
How Do I Keep My House in a Divorce?
Deciding who gets to keep the house in a divorce is up to the courts if couples cannot come to an agreement. Factors such as child custody and financial situations all play a part in determining if one spouse can keep the house. It may be possible for the spouse who wants to keep the house to refinance it. This will both remove the spouse’s name from the mortgage and gain access to a portion of the equity to pay the other spouse his or her equitable portion. Consultation with a mortgage broker during divorce proceedings will be necessary to consider options and challenges. It should be noted that the burden of selling a house in addition to divorce can be stressful, not to mention a traumatic event if children are involved.