Maybe you love the house you’ve shared with your soon-to-be ex-spouse, or maybe it’s haunted with painful memories, or maybe the mortgage and general upkeep are things you’re happy to leave behind. In any case, Utah spouses who are going through divorce will want to weigh their options carefully in matters of property division.
For example, sometimes spouses agree that selling the home they shared is a good way of making a clean break. In this case, it is still important to take into account certain costs associated with the sale, such as working with a broker, scheduling house showings and figuring tax liabilities. It is also important to plan beforehand how any profits will be distributed, directly or in escrow.
There is also the unpleasant situation of neither spouse wanting to let the property go. Major disputes can erupt over the marital home, but both parties will want to be sure before they fight for a piece of property that may or may not be worth the struggle in the long run. There may be other assets that are more valuable than a home and its mortgage and maintenance.
Keep in mind that retirement accounts, stock options and other investments are also considered marital property.
If both spouses agree that one party should keep the house, then the best course of action may be to refinance in the name of the person who stays. The spouse who gives up the home will also want to speak with an attorney about ensuring that liability for the house falls solely with the person who keeps the property.
emy a. cordano
I am Emy Cordano, a family law attorney based in Salt Lake City. I concentrate my practice on divorce and family law matters; I am not a general practice lawyer. Family law is all I do. Here you'll find additional articles and advice that I make available to anyone facing family law issues.
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