In our blog we will try to provide you with general information regarding family law, as well as updates in important cases and statutes dealing with family law in New Hampshire. This is not to be construed as legal advice. Every case is unique and small facts can make a difference.
Who Will Keep the House in a Divorce?
Making the choice to file for divorce is a never easy for couples. The immediate decision to divorce brings with it concerns that include such decisions as to division of property, child custody, and alimony. Couples find that they have some choices that must be made rather quickly. One of these decisions is which person will stay in the home. Sometimes the decision is an easy one but more often than not, both people want to live in the home. The home, along with other assets, is considered marital property in New Hampshire if it was purchased after the couple married. The first thing to do, before you make any type of decision concerning the home, is to consult with an experienced New Hampshire family law attorney. An attorney who specializes in divorce will be able to analyze your situation and give you some helpful guidance on how to proceed.
Division of Assets
The marital assets, assets accumulated during the course of the marriage, will be divided equitably. In many cases, the children will be a major factor in deciding who will remain in the home. If the children have been living in the home for some time, are attending school in the area, and have local friends, it will be best to allow them to stay in the family home. One or the other parent will typically move out. Sometimes, the parent who stays in the home has a better chance of keeping the home as the divorce proceeds. Of course, both partners own the home jointly, so the equity in the home must be divided properly between the two. There are many factors that make up the decisions involved in distribution of assets. Both parties will need to work together to try to come to a mutually acceptable division of assets.
Equitable or Equal
In New Hampshire, assets including the home must be equitably distributed. This doesn’t mean that you’ll need to cut the home in half. Instead, there are three things that could occur with the home. One partner or the other could keep the home, the home could be sold, or the couple can continue to own the home together. If one person wants to keep the home he or she will need to buy the other out. This means that they will have to provide either money or equal property to pay for the home. If neither partner wants to keep the home it can be sold and the profits equally divided between them. Another option is to continue to own the home together after the divorce. This option can be difficult and is fraught with potential difficulties. However, with a lowered housing market, the couple may want to wait until they can get a better price for the home.
Sometimes couples have a difficult time coming to an agreement on what to do with the home. Since the home is often the most important financial consideration, it is natural that both parties want to be sure that the issue is resolved amicably. If you are facing a dispute in your divorce you’ll need to seek assistance from a mediator. A knowledgeable New Hampshire divorce lawyer will work with you to help get your situation resolved as quickly and as amicably as possible.
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