Divorce and the Family Home in Jackson, Mississippi
If you are getting divorced in Jackson, Mississippi, Malouf & Malouf, PLLC are divorce attorneys who can assist you with your divorce settlement and with answering some of the toughest questions that divorce raises. One of the tougher questions divorcing couples need to face is what will happen to the family home. For many divorcing couples, the family home is their highest-value shared asset. What options do you have when it comes to deciding what to do? Here are a few:
- One partner keeps the house. When it comes to deciding what happens to the family home, one option is to have one partner keep the home. Either one partner can buy out the other partner’s share, or one partner can refinance the mortgage in his or her name. When one partner keeps the home, the home may need to be appraised. The house may be worth more today than when you bought it, after all. Another thing to consider if one partner is going to keep the home is the fact that maintaining a home alone is much more difficult than maintaining a home with two incomes or with two people. When deciding to take on the responsibility of the family home on your own, it is important to ask yourself if you can afford it. Malouf & Malouf can look at the big picture and help you understand what options you might have when it comes to your family home and your divorce. Mississippi is an equitable distribution state meaning that property may not always be divided 50-50 in all cases. In some cases, one partner keeps the family home as part of a larger negotiation that may involve alimony, retirement accounts, and other assets.
- Shared ownership. Some couples decide to keep the home in both their names. Why would some couples choose to do this? Sometimes it isn’t financially possible for one partner to refinance or buy the other partner’s share. And sometimes it doesn’t make financial sense to sell the home, especially in a down market. More and more couples are choosing to continue to leave their marriage with shared assets rather than sustain such losses. And sometimes couples may factor the home into a child custody arrangement that allows the children to remain in the home, while the parents split time in the home.
- The family home might carry with it many memories, but if it turns out that neither partner can afford paying for the house on his or her own, and if sharing the house is not an option, many couples choose to sell the home before they get divorced and choose to split the proceeds.
These are some of the options you might have when it comes to deciding what will happen to the family home. While the options available to you might seem overwhelming, there is always a road forward. Malouf & Malouf are divorce lawyers in Jackson, Mississippi who can help you make decisions about the best course forward for you.
Costs to Consider if You Want to Keep the Family Home in Your Divorce
Want to keep the family home during your divorce? While the home where you raised your children might have sentimental value, it doesn’t always make sense to keep the home in just one partner’s name. It is important to carefully calculate whether you can afford to maintain the home alone. If you want to keep the house, you’ll need to consider whether you can afford to pay the mortgage on your own, can afford the property taxes, and determine whether you have enough savings to pay for unexpected maintenance expenses. If the home is a condo, you’ll need to factor association dues and possible assessments. While the family home might have sentimental value, keeping the family home has its risks. Many couples just choose to sell the home and split the proceeds, allowing them both to start over after their divorce. The solution that will be right for your family will largely depend on your needs. Have questions about your rights and obligations when it comes to dividing property in your divorce? Reach out to Malouf & Malouf, PLLC, a divorce lawyer in Jackson, Mississippi today.
Is Each Partner Entitled to 50% of the Home’s Value in a Divorce
Under Mississippi law, property isn’t necessarily divided 50-50 in a divorce. Rather, if the matter is brought to court, the judge will decide who gets what depending on what is fair given each partner’s contribution and behavior in the marriage. So, if one partner didn’t contribute to paying the mortgage, but contributed to raising the children, this might be considered when dividing assets. Or, if one partner gave up career opportunities to support his or her partner’s career, this may also play a role. While many couples choose to divide the value of the home 50-50 in a divorce, not all divorce settlements require it and in some cases, different distribution percentages are possible. Confused? If you aren’t sure what a fair division of property would be in your divorce, consider reaching out to Malouf & Malouf, PLLC, a divorce law firm in Jackson, Mississippi
. Our attorneys can review your case, help you understand what your rights and responsibilities are, and assist you with the next steps. USAttorneys.com
can connect you with a divorce lawyer near you who can help you with the process of dividing property during your divorce.