With your pending divorce, you and your current spouse must decide what to do with your property.
To help you choose which road to take, please contact Denis M. Gravel & Associates, P.C. to discuss your options. Making a sound choice with regard to a jointly owned marital residence can help you to get through the divorce process, and upon the divorce being completed, it can help you to start your life’s next chapter with the right tone.
During The Pending Divorce:
During a divorce, you may want to provide the children with as much stability as possible; but, you and your soon-to-be ex-spouse may not be able to be present in the same room. If this is the case, you may consider a nesting schedule. During a nesting schedule, the parent who has parenting time with the children resides in the residence, while the other vacates the residence until his/her parenting time. This provides the children with the comfort of their home during the divorce, and allows the children to get used to the concept of separate parenting time with each parent.
After The Divorce Is Completed:
If neither party wants to remain in the residence upon the completion of the divorce, it would be in the parties’ best interest to sell the residence. This may entail having minor repairs done to the residence in order to prepare for sale. The parties, or the court, will need to determine who bares these expenses. Upon the sale of the residence, if there is equity in the residence, the division of the equity will have to be determined. If there is a deficiency on the residence, the payment of the deficiency between the parties will have to be determined.
If one party wants to remain in the residence, that party may have the option to buy-out the other party’s interest in the residence. This can usually be accomplished if there is equity in the residence. If there is equity, one party may choose to refinance the residence, and pay the other party his/her entitled share to the equity. This would also remove the other party’s name from the residence, which therefore allows one party to be the sole owner of the residence.
Denis M. Gravel & Associates, P.C. has been a family law firm servicing clients in all aspects of family law for over 20 years. We are here to help you. Please call 847-855-8447 to schedule a free consultation today, or visit our website at www.denisgravel.com for more information.