Couples need to have a discussion about the marital home when going through a divorce to ensure it does not lead to financial problems.
Dividing the marital property in a divorce can be a frustrating process, especially for couples in New Mexico. The state’s community property laws require each spouse to receive an equal share of the assets they acquired during the marriage. There will often be disputes over items each spouse would like to keep, which means the parties may need to work together to find creative solutions to their property division concerns.
This is especially true when the couple is deciding what to do with their marital home. Many of these couples purchased the home together, meaning each person will need to be compensated for their interest when they are dividing this property in the divorce.
There are several options that can be considered at this time, and the solutions could depend upon the financial situation of the parties, as well as whether or not the couple still has a mortgage on the property. If the couple owns the home outright, one spouse may wish to keep the property. This person may need to buy out the other spouse, and this can be in the form of a cash payment or perhaps a trade in other assets at the time of the divorce.
If the couple still has a mortgage, the process can become somewhat more complicated, especially if one person wants to remain in the home. The spouses should refinance the home, so only one of the person’s names will be on the mortgage. Failing to do this could expose the other spouse to significant financial liability if the other stops paying the mortgage.
Those wishing to keep the house need to be sure they understand their financial situation after the divorce. People will have less money to work with, which can have a huge impact upon a budget. They may be forced to sell the home in order to be able to move into a place more affordable. If this is the path the parties select, they need to be sure they clearly communicate the responsibilities while the home is being sold.
Before you even consider filing for divorce, it is important you reach out to an experienced divorce attorney in your area. Your specific situation has many unique aspects that must be individually analyzed in order to learn the potential options available to you.
Your attorney will be able to provide you a comprehensive overview of the process, and then help you collect the information you need prior to filing. Once the divorce has been initiated, your attorney will be able to offer you the guidance you need when making these important decisions.
This can be a very challenging time for you emotionally. Many people often struggle to concentrate on the issues they are facing at this time. Do not get taken advantage of in your divorce. You need to work with someone who can work toward a resolution that meets your goals.