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Property division: how should you split the marital home?

When divorce papers are filed, the first thing that often comes to the mind of divorcing spouses is their future. The legal process will affect both parties' finances, which is why it is important to try to settle the issues with a fair agreement. Readers in Saint Charles who are dealing with property division issues in their divorce may be interested to learn how the marital home can be divided during the legal process.

The disposition of the ex-couple's house can be a difficult issues to resolve during property division. The house is full of memories, and letting it go is not easy for the divorcing spouses. Because of this, spouses often fight over the marital home.

Generally, if the house was purchased by the couple after they were married, it will be considered marital property. In equitable distribution states like Missouri, marital property is divided equitably. "Equitably" does not necessarily mean equally; it means the asset is divided in a manner that is fair and just for both parties.

In some cases, one spouse allows his or her spouse to stay in the marital home and continue to pay the mortgage. However, there is a pitfall to this kind of arrangement. If the spouse who stays at home fails to pay the mortgage, it can affect the credit score of the ex-spouse. The best way to avoid this scenario is sell the marital home, divide the equity between the divorcing parties and start anew.

Every divorce case is unique. When it comes to property division, it is important for the divorcing individuals to fully understand what they are dealing with. Failure to do so can lead to an unfair and unjust division of property. An experienced family law attorney can help ensure a spouse gets their fair share in the property settlement.

Source: Gobankingrates.com, "How to refinance your home after a divorce," Matt Kubler, Jan. 29, 2014

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