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Determine the value of the home. Most options for dividing equity in divorce involve first assessing the property’s value. This step is crucial because it determines home equity, the difference ...
You'll also need to discuss splitting the current equity in the home. Options may include paying the difference with personal savings or negotiating with other shared financial assets, such as ...
Getting divorced is hard by itself. But add in the stress of dividing shared assets, including your home, and it can be overwhelming — whether or not the parting of ways is amicable.
Community of Acquests and Gains: Each spouse owns an undivided half-interest in all property acquired during the marriage, except for property acquired by gift or inheritance during the marriage, which is separate property; or which traces to separate property acquired before the marriage, which remains separate property; or which is acquired during a period when the couple are permanently ...
The Uniform Marriage and Divorce Act §307 (UMDA §307) [3] also allows for the equitable distribution of property and lists factors the court should consider, e.g. "the duration of the marriage, and prior marriage of either party, antenuptial agreement of the parties [which is the same as a prenuptial agreement or premarital agreement], the ...
Couples making strides toward divorce may come to a crossroads where it's difficult to decide whether to keep the house or sell it and divide the assets. What's best for each party financially ...
4. Other mortgage options after divorce. There are a few other mortgage options that may be worth considering amid a divorce. For instance, it is possible to keep the mortgage as-is, but this ...
Home equity loan. A home equity loan is for a fixed amount, at a fixed interest rate, repaid over a set period, often 20 years. It works in a similar manner to a mortgage in that the loan is ...