If you are considering divorce in Northern Virginia, you may be wondering what will happen to your marital property, especially your home. A story recently highlighted by The Chicago Tribune illustrates a common issue: in one case, a couple decided that the wife would take possession of the marital home. However, the ex-husband’s name remained on the mortgage, making him a responsible party for the property even after deeding the title to her. This oversight impacted his ability to secure a loan for a new condo.
Options for Dividing the Home
There are several options to consider when dividing the marital home:
- Selling the Home: Both parties may agree to sell the home and divide the proceeds.
- One Party Keeps the Home: One spouse may wish to keep the home, but steps must be taken to ensure the other spouse is released from any financial obligations, such as the mortgage.
- Disagreements: If you cannot reach an agreement, legal counsel can help navigate the situation.
The team at DiPietro Family Law Group can help protect your rights and ensure you are treated fairly throughout the process.
Virginia’s Equitable Distribution System
Virginia’s equitable distribution system takes both parties’ interests into account during divorce. While there is no simple approach to dividing marital property or other assets, choosing the right family law lawyer can make a significant difference in securing a fair outcome.