What Happens to the Marital Home during Divorce?
Posted on Feb 3, 2011 8:35pm PST
When it comes to your marital home in a divorce settlement,
equitable distribution is a term that you will be hearing a lot.
If you don't decide to sell your home then there are three factors
that can determine whether you will get a credit for or a set-off against
the value of the home. The first is who will inhabit the home, or who
gets full possession of the house, and the basis of that award by a judge.
Secondly, if the spouse who is already receiving
child support gets possession of the home as well, you must look at whether the alimony
payments will be used for taxes, mortgages payments and other home-related
items. Finally, the value of the home.
By examining these factors a court can also look at whether the parties
will be claiming capital gains, home related tax deductions and other
relevant factors that can affect their right to a set off against their
marital portion or a credit. However, since every divorce situation is
unique, there is no clear formula that judges use to make this decision.
While the liabilities and property of distribution of assets in a divorce
they can achieve a degree of consistency by using the above factors to
make a decision.
If you have questions about equitable distribution,
contact us to get answers from a
Jacksonville family law attorney.