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What happens to a home after divorce?

On Behalf of | Aug 13, 2021 | Divorce And Dissolution

In the state of Ohio, marital assets are distributed in an equitable fashion during divorce proceedings. Therefore, you may be entitled to remain in the family home after your marriage officially comes to an end. Alternatively, you may be entitled to receive a portion of the home’s equity. You may want to take a closer look at what might happen to a principal residence when a relationship comes to an end.

How much is the home worth?

Before deciding what to do with a house, you need to know how much it is worth. If there is positive equity in the home, it may be a good idea to sell it and split the profits from the sale. If there is negative equity in the home, it may be best to wait until you can afford to take a loss on the property. Knowing the market value of this asset will help you determine if it makes financial sense to ask for it in a divorce settlement.

Should you retain ownership of the home?

It may not be in your best interest to keep a family home. Even if the house is fully paid for, you still have to account for property taxes, insurance and the cost of maintaining it. An attorney may provide more insight into whether it makes financial sense to be a homeowner after a divorce.

A judge might order you to sell the house

There is a chance that the judge overseeing your case will force the sale of the home even if you want to keep it. This may occur if an agreement regarding what to do with the house can’t be reached through private talks or by working with a mediator.

Although you have a right to stay in a family home after a divorce, it’s not necessarily in your best interest. Instead, it may be a better idea to sell the property or ask for other assets in exchange for waiving your ownership interest in the home.