Couples in Utah facing divorce may have a lot of questions relating to what they are entitled to and how to divide assets. Property division can create a lot of conflict in an already tense situation. One of the biggest questions couples have regarding property involves what to do with the marital home after divorce.
Every couple is different. Some may wish to sell all property and split any income received equally or, in other cases, one spouse may wish to keep the home either for the kids or for emotional ties. No matter which option is chosen, future consequences should be considered before any final decisions are made.
Looking at the bigger picture will help couples decide if keeping the home is truly affordable for either one of them. Depending on each individual’s financial situation, it may not be possible for either spouse to obtain a loan to buy out or refinance the property on their own. However, if available, getting gift money from supportive family members can help with this situation. If finances do allow for a buy-out, how will doing this affect other financial areas in the long run? If a home loan takes up all available income, it may be best to look at other available options.
There is no cut-and-dry solution to dividing assets in all divorces, but fortunately, many options are available. At the end of the day, only couples can decide what works for them in their own circumstances. However, looking ahead at post-divorce finances can help Utah spouses decide the best way to go about property division.
Source: Fox Business, “How to Divide Your House in a Divorce“, July 14, 2014