The question of who gets the family home in a divorce can be complicated. In most instances, both parties have interest in the home and are sometimes reluctant to let that go. However, it is important that a decision is made so that the divorce can move forward. If you want to keep the home, here is what you need to do.
Negotiate With Your Spouse
If your spouse is in agreement that you can keep the home, you can move on to the next step. However, if your spouse wants to sell or keep it, you and your divorce attorney will need to negotiate for it. There are a few ways you can negotiate with your spouse.
You can offer to buy his or her share in the home. You can also offer another asset in exchange for the home. For instance, if you have another home, you can agree that you keep the home you are interested in and allow your spouse to keep the other. If this fails, you might have to rely on the court to help you decide who keeps the home.
Refinance the Home Loan
In the event that you and your spouse are still paying off your home, you will need to refinance the home loan to remove his or her financial responsibility for the home. To refinance, you will basically have to go through the approval process all over again. If you do not have the credit needed to qualify for the loan on your own, you might need to find a co-signer.
If you are buying out your spouse's share, you will need to pay him or her the money that is owed.
Remove Your Spouse's Name from the Deed
Even though you and your spouse are in agreement that the home is yours and you have gotten financing to pay for it, you still need to have his or her name removed from the deed. To remove your spouse's name, you can file a quitclaim deed. The quitclaim deed is a legal document that removes your spouse's name from the deed.
Your spouse will need to sign documentation stating that he or she no longer has any interest in the home. Your divorce attorney can prepare the documentation.
Once all of these steps are taken care of, you can take ownership of the home. At that point, you are solely responsible for all repairs, taxes, and expenses that are related to the home.
To learn more, contact a divorce lawyer like Kenneth J. Molnar Attorney.