What will happen to my house during a divorce? With regard to how a marital residence is divided during a divorce, it depends upon the circumstances.
If there is an agreement, the court will consent to the agreement between the parties. If there is no agreement, there are numerous orders that the court can make based on the situation at hand.
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Learn today from Tyler Monahan what will happen to your house during a divorce.
In regards to how property is divided and what may happen to a person’s what’s called marital residence, many people refer to it as “my house or our house”. It really depends upon each circumstance.
Number one, if there’s an agreement, then whatever that agreement is, the court will generally uphold that agreement and consent to the agreement of the parties.
If there’s not an agreement, and one or the other person wants to stay in the home and is able to afford it, there are numerous ways that the court can either allow one party to stay there and execute a deed of trust to secure assumption meaning to continue to pay on the mortgage.
Another way is for the judge to order that the home must be refinanced within a certain number of days. And if there’s a failure to refinance within 120 to 180 days, whatever the judge might order, then the house can be sold.
And generally, the way that the proceeds are split is in what’s called a just and right division.
A lot of people refer to it as 50/50. But you don’t know whether 52/48 or 45/55 or what it is. It’s called a just and right division.
The court will look back and the final decree will have something in there that talks about how those funds are distributed if in fact a receiver needs to be appointed, and the house needs to be sold.
