Divorce makes people ask a lot of challenging questions. They may worry about whether they can retire the way that they planned. Preoccupation with financial recovery is common. When married couples are homeowners, concerns about the primary residence may dominate property division proceedings.
Technically, community property statutes give both spouses an interest in the resources acquired during marriage. The equity in the home is likely subject to division when the spouses divorce. However, many people worry more about keeping the home itself than preserving as much equity as possible.
How can people decide which spouse keeps the home?
The spouses can reach an agreement
Divorcing couples have the option of pursuing uncontested divorces. They set their own terms that they both agree are reasonable. If one spouse had already owned the home before marriage or purchased the property from family members, then they might have a stronger interest in the property.
People may need to ask themselves earnestly whether they can afford the house. If they can, then the next question becomes whether or not they can maintain the home without the support of a spouse.
Finally, the emotional impact of staying in the home after divorce can be important to consider. People still raising their minor children may be able to make new memories if they stay in the home. Those without children or whose children have already left may find that the memories of the marriage make living in the home after divorce challenging.
Judges can also decide who stays
Sometimes, both spouses can afford to keep the home and want to continue living there. In scenarios where spouses cannot reach an agreement about property division, they can ask a judge to divide their community property.
A judge can decide which spouse retains possession and how to compensate the other spouse for their share of equity. Judges could also potentially order spouses to sell the home and split the proceeds of the sale.
Staying in one’s home can be beneficial, but it isn’t necessary for people to rebuild effectively after a divorce. Spouses who understand property division rules and the implications of addressing their marital home can make an informed decision about their divorce priorities accordingly.