Who Gets The House?xxxxxxxxxx
In most instances if a husband and wife are fighting over the house, the Judge will look at how much inconvenience will result for both parties. For example, if the mother is receiving temporary custody, it will probably be more disruptive to move the mother and the children, not to mention the fact that this could result in the children having to change schools, etc. The Court will sometimes also look at the possibility of leaving both parties in the house together, but if there has been physical violence or emotional abuse, the Court will generally not consider this. The Court will also look into who can afford the house, taking the payment of child support and alimony into consideration.
At the End of the Case
If the custodial parent is in the house, they usually want to keep it for the stability of being able to keep the children in their same neighborhood, in the same school district, with their same friends, etc., and to have one less disruption within the divorce. As stated previously, another important factor which the Court considers is who can afford the house.
The Court will also sometimes deduct a real estate commission (generally 7% of the value of the house); this is sometimes done even in situations where the house will not be sold immediately because the Court is aware that down the road when that party goes to sell the house a real estate commission will most likely be paid. An example is as follows:
Current Value of Home $100,000 Mortgage Current Balance $ 65,000 7% Real Estate Commission - $ 7,000 -------- $ 28,000 ÷ by 2 = $14,000
In this example, the equity interest of each party is determined to be $14,000.
If there are not sufficient cash assets to compensate the non-custodial parent for their equity, the Court will very often make a determination of the amount of their one-half equity interest (in the example above $14,000) and then order that this amount will be paid to the other spouse in the event the spouse in the house sells the home, vacates the home, re-marries, or the when the youngest child reaches the age of majority (age 19). In some instances, the Court will also order that interest be paid on this amount until it is paid to the other spouse..
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