One issue that most divorcing couples in Virginia will have to face is property division. This is true whether a couple has a great deal of highly valuable assets or whether a couple is of more modest means. In the end, marital property in a Virginia divorce will be divided via equitable distribution. This means that the court will aim for a fair division of property, even if that division is not perfectly equal. Thus, it is important to have an idea of one’s options for dividing common assets, such as the family home, so a fair result can be reached.
Many married couples own a home together. However, sometimes in a divorce both parties are eager to leave a place of bad memories behind. When this happens, they can sell the house and split the proceeds. Of course, things aren’t always this easy. For example, if the house is underwater, even if it is sold, it will need to be decided which party will take on the remaining mortgage.
Similarly, if one spouse wants to keep the family home, he or she may have to buy out the other spouse’s share in the home. This means that the spouse keeping the family home will either need to have the funds available to buy out their ex or they will need to apply for a new mortgage in their own name. Moreover, being a homeowner can be expensive. The mortgage, insurance and taxes must be paid, and there are always repairs and improvements that need to be made. If a person cannot handle these expenses on their own, it may not be worth it to fight for the family home.
The family home is only one valuable asset that needs to be addressed in the property division process. Couples will have to think carefully about their options and financial capabilities before making such an important decision. Thus, having professional guidance can help those who need to know what their rights are to the family home and how to protect them.