Many assets have to get divided up when going through a divorce in Missouri. While you may be busy worrying about the children and your bank accounts, another thing to consider is who should get the house.
Who Should Get the House in a Missouri Divorce?
Here are some things to consider when determining who gets the house in a divorce in Missouri.
Did one of you own the home before you got together?
If one of you owned the home before you married, the courts might lean toward that person keeping the family home. It was your home before marriage, so it should be your home after everything settled.
Who paid the down payment?
The same could be said about the down payment. If you saved and saved to buy a home, you may be more likely to want to keep it after your divorce, especially if your spouse was not able to contribute as much. That being said, if the home was meant for the two of you (and your family), the judge may not give it away to one or the other.
Who pays the mortgage?
The mortgage is probably one of your most significant bills, and it can be hard to pay once you go from two incomes to one. If one person consistently paid the mortgage, the judge may determine that they were the only one who paid for the home, so it should go to that person. Also, the judge may look at how one person could pay the mortgage every month, so they should be able to after the divorce is finalized.
Are there children who may want to continue to live in the home?
If there are still children living at home, the judge may want them to continue to live at home. However, if the children are not living at home, the judge may be more likely to recommend selling the home rather than keeping it.
Should You Sell Your Missouri Home In a Divorce?
You may also be wondering if you should sell your home. Here are some things you may want to consider when considering selling the home and splitting the profits.
Are you underwater in your home?
If you are struggling to pay your mortgage with two incomes, there is no way that you can afford to do so with one income. So, if you are behind on your mortgage, the best thing you can do is sell your home and divide the profits.
Do you have a lot of equity in your home? Is it paid off?
If you have equity in your home since you have been paying it off regularly or it is paid off, this is an asset and should be treated as such. You may want to fight for your home because you can sell it later for a good profit, or you may be able to borrow money with a home equity loan in the future. This can set you up for a sound retirement as long as you are able to keep the home.
Does it make sense financially to keep the home?
You have to look at your financial goals regarding keeping or selling your home. If you can afford to, you may want to consider keeping it. This can be even better than retirement funds.
However, if you are unable to keep the home because of the expense, it may be better to sell it and move on. You do not want to struggle financially to keep your home.
Deciding what to do about your home after a divorce can be challenging. You bought it with dreams of the future. Your children may have grown up there. However, you need to make a sound financial decision, not just a sentimental one. If one party can afford the home, it might be a good idea to keep it. Otherwise, it might be better to sell it, divide the profits, and move on.
Contact the Family Law Attorneys at Aramjoo Law Firm
If you are going through a divorce, you need a lawyer you can trust. Do not hesitate to contact us today to see how we can help you through this difficult time. Our attorneys at Aramjoo Law Firm would be glad to sit down and discuss what is going on with you and your divorce and find a way to get everything settled.