The emotional and legal aspects of a Missouri divorce can be complicated. Of course, the financial aspect of divorce can also be complex, especially when a marital home is involved. Here is a rundown on how best to approach the family home when navigating divorce.
Addressing the marital home and mortgage
Divorcing individuals who are emotionally attached to their family homes may decide to give up other assets to their future exes in exchange for the home. Before going this route, it’s wise to consider whether the cost of maintaining the home can be met on just one income. If the cost is substantial, it may make sense to sell the home and split the proceeds or allow the other spouse to buy the property in exchange for cash or other marital property.
If the individuals decide to go with joint ownership, it is crucial that they create a clear and comprehensive agreement regarding who will be responsible for the mortgage, insurance, taxes and repairs. The agreement should also specify how the parties will handle any sale of the home in the future. For instance, they may want to highlight the costs associated with selling the home will be handled.
Professional help and support are readily available
Even though marital dissolution can be stressful, an experienced attorney in Missouri can help a divorcing individual to make wise financial decisions. For instance, in addition to addressing the marital home, one’s attorney may provide guidance on how to best divide certain assets, such as cash, investment accounts and antiques. A savvy attorney will ultimately seek a resolution that is personally favorable to the client given the unique circumstances surrounding the divorce proceedings.