One of the reasons people in Virginia decide to own homes is because it can help with building wealth. For this reason, the idea of losing the family home during the divorce process can understandably be frightening. However, keeping the marital home may also be an unwise move depending on a divorcing individual’s financial situation.
One of the best moves for addressing the marital home during a divorce proceeding is to sell the home. In this way, the two divorcing parties can split the proceeds and eliminate their ties to the home. However, this is possible only if the two parties agree on which real estate agent to use and on what price to place on the home. Also, they must decide how they will handle mortgage payments in the interim. All of these matters are important to outline in the divorce agreement.
An alternative option for dealing with the marital home is for one person to keep the home. However, this is generally not a good idea because the person who keeps the house must take over the mortgage payments and maintenance costs, which can be difficult to do with one household income versus two. In these situations, it is not uncommon for homes to end up in foreclosure or bankruptcy.
Because property distribution can understandably be overwhelming, it is wise to consult an attorney in Virginia before making asset division decisions during the divorce process. When working with his or her client, the attorney will push for a fair and comprehensive settlement with the other party. However, the attorney will still keep his or her own client’s best interests and rights at the center of the divorce proceeding.
