Regardless of the length of the marriage, when a couple marries and settles down in a home that home offers an unparalleled level of comfort for many. A divorce will inevitably mean that at least one, or both parties, will move out, and the home will either be sold or bought out by the other spouse to stay. In Missouri, equitable division determined by the court will help determine how much of the value of the house goes to each party.
Determining who actually gets to stay in the home is often determined by the courts when children are involved, with the home typically being awarded to the parent who is awarded custodial rights. However, the decision to stay in the home or move can be tricky.
To protect the finances of both parties, it is important to understand the value of the home and whether it has increased or decreased since its value was recorded in official court documents. If the value of property has increased since the valuation date, the spouse who is keeping the home may unnecessarily benefit and receive the extra value of the home at the finalization stage of the divorce.
Considering all that a person already has to go through during a divorce, and the potential to let emotions overcome rational decision making, it is important to have other people help in the property division process of a divorce. Whether it is family, friends or legal advice, having a third party with a different perspective can be helpful in protecting assets while in the process of a divorce.
Source: Huffington Post, "What do Do With Your House in a Divorce Case," Christian Denmon, Accessed on Jan. 26, 2016