You and your spouse may have had the perfect life. The perfect kids, the perfect house, the perfect marriage. But, something happened and the feelings that you once had for one another have changed. As divorce becomes a more likely option, you start to wonder about what may happen during the process.
One of the issues that might get a lot of your attention concerns the future of that perfect house that you and your spouse currently share. With real estate at a premium in the Denver area, you might think that you will be able to quickly sell the property and move out from under the mortgage that you have. However, this may not happen as quickly as you would like. You might find yourself still owing money on the property, leaving you unable to sell the house at this time. This post discusses some of the options that you may have to consider as your divorce moves forward.
One of the spouses may need to remain in the house for a while
In many divorces, one of the spouses will move out while the process is ongoing. This is an emotionally charged time, and no one wants to be under the same roof as this is happening. It is possible that one of the spouses may be able to take on the mortgage payment during the divorce, buying you some time while you come up with a more practical solution on how to divide this property.
One note of caution: if your name remains on the mortgage, even if your spouse is now in the house, you could still be held responsible for any missed payments. This is something that must be discussed with an attorney to ensure that everything will be accounted for during and after the divorce.
The house may need to be rented out for a while
Another option for you and your spouse may be to rent the house out for a while to continue to build up equity in the property. This might be something that works for all parties involved, but, again, you need to be sure that each person understands their specific financial responsibilities under such an arrangement.
Do not make any decisions without the assistance of an experienced attorney
It is easy to let yourself get talked into a very bad situation. If you are not extremely careful at this time, you could find yourself seriously jeopardizing your financial future without the right protections in place.
Talk to an experienced family law attorney about developing a strategy that helps you ensure that you will emerge from your divorce in a great place financially. This will allow you to be confident that you fully understand everything that is happening in your case, and will allow you to make the best choices for your future.