Will I Lose My House During My Divorce?
It’s completely understandable to have a million questions swirling around in your head – divorce can be a lonely and grueling space to live in and sometimes you may feel unsure about everything. However, when you choose the collaborative law process, there is a team of experts willing to help you and your spouse navigate through the divorce vortex and come out on the other side with your family intact.
One of the professionals on your team will be a neutral financial mediator, who will help you see your entire financial landscape – from how it is currently, to how it will look once the divorce is finalized. And one of the most common questions our clients ask about is their family home. Here are a few things we like to share with them when it comes to selling, staying or refinancing their house:
- If you and your spouse owned the home after marriage, it will be divided
- If you were not an owner prior to the marriage, the home will be awarded to the partner as it was a premarital asset
- Your partner could buy your portion of the home or vice versa
- If one spouse wants the home, they will often need to refinance it to remove the other partner from the lien and title
- If you want the home, you may need to give up assets equal to its value
As you can see, just because you’re divorcing, it doesn’t mean that you will lose your home.
At Peace Talks, our team of experts focuses on mediating family law conflicts and/or collaborative divorce. We are a full-service mediation firm that specializes in helping people in Southern California settle their divorce in a sane and sensible manner.
We begin by helping you to articulate your financial needs, concerns, and objectives. Then, we help you identify accurate values for your assets, debts, income streams and expenses.
Contact us today to see how we can help you navigate through your finances in a civil co-operative environment!
Note: This information is general in nature and should not be construed as legal/financial/tax advice. You should work with your attorney, financial, or tax professional to determine what will work best for your situation.