What will happen to your home in your divorce?
In many marriages, it is the biggest asset.
Yet it can also be the biggest headache, and it almost always has legal and emotional significance.
If you are considering options for keeping your home in your divorce, it is important to gain a better understanding of the benefits and limitations. In deciding what happens to the marital home in your divorce, there are many mistakes that you will want to avoid. Here are several tips to help you avoid major mistakes during property division in your divorce case.
What Happens to My Home in a Charleston Divorce?
In most divorces, the house or condo you have been living in will be classified as marital property. Most spouses who share a residence they own purchased the property after the date of their marriage and used marital assets to buy the real estate. However, it is important to determine with certainty whether your marital home will be classified as marital or separate property, since only marital property will be divided. Spouses get to keep separate property. As such, if one spouse owned the house prior to the marriage and no marital assets went toward mortgage payments, the marital home may in fact be classified as separate property.
Understand How Equitable Distribution Works in South Carolina
Under South Carolina law, all marital property, which includes assets and debts from the marriage, will be divided according to the rule of equitable distribution. In an equitable distribution state like South Carolina, the court will consider a wide variety of factors to determine what an equitable, or fair, distribution of the marital property looks like. If your marital home is classified as marital property, it will be considered in relation to other assets and debts, and to the equitable distribution factors.
Consider Costs of Upkeep on a House
If you really want to keep the marital home after your divorce and want the court to award you the home when distributing marital property, it is important to consider costs that will not be factored into the property division process. For example, what are the annual upkeep costs on the house? What are the taxes? These costs could ultimately mean that your distribution of property is not in fact fair to you in the long run, and you may want to consider.
When the Marital Home is Sold
In some South Carolina divorces, the court can have the spouses sell the property so that the proceeds can be distributed during the property division process. As an article in HomeLight emphasizes, if your marital home will be sold as part of your divorce process, it is important to consider a wide variety of issues, including ensuring that the home is well-maintained in order to get you the best offer, working with a real estate agent who understands your circumstances, and taking into account capital gains tax breaks.
Contact a South Carolina Divorce Lawyer for Assistance
Do you have questions about how to handle your marital home in your divorce, or selling the property as part of your divorce case? Our South Carolina divorce attorneys can assist you. Contact The Peck Law Firm to learn more.