The marital home is a couple’s single largest asset, even after they get divorced. So what becomes of the home after Virginia divorce? As with other financial matters during the process of divorce, consider what will happen once both you and your spouse leave your old home behind.
What Do You Do with a Home After Virginia Divorce?
Just what, exactly, are you supposed to do with a home after Virginia divorce? Although there could be some complex consequences as a result of the divorce, it is quite simple at first. This simplicity is because either you or your spouse will keep the home – or you mutually decide to sell it, instead. How, then, does this become complicated?
The Challenges of Selling a Home
Selling a home can be difficult enough. Selling a home after Virginia divorce can be even more challenging. Consider the additional difficulties presented by an uncooperative ex-spouse. Numerous questions arise during this part of the process. Such questions include:
- When will the home be on the market? Who is responsible for listing it?
- What price is a reasonable one for this home?
- How will it be marketed? Are there any necessary repairs before marketing it?
- How will the proceeds from the sale of the home be divvied up?
These questions, can, of course, be forestalled with a well-planned and well-executed property settlement agreement.
For the Spouse Keeping the Home
For the spouse keeping the home, what are they supposed to do? A typical next step is a refinance. For a refinance to occur, ownership of the home’s property must be consolidated. Thus, the departing spouse signs a deed over to the spouse staying. The departing spouse receives a share of the house’s equity. Refinancing a home after Virginia divorce follows the conventions of a regular refinancing.
As in a more traditional refinancing, the spouse applying for it must qualify. Qualifications include credit, income, and capability to pay the mortgage even after the divorce has gone through and is considered complete. Any assets, such as alimony, gained through the divorce can be of assistance during this process.
Get Representation from The Carlberg Law Firm Today
Ready to tackle your legal issues head on? The Carlberg Law Firm provides all the experience and knowledge of a larger firm with the personal attention and commitment of a smaller firm. We represent individuals from both the District of Columbia and Virginia, and our attorneys have extensive experience in all aspects of family law.
Our offices are located in a beautiful 1875 historic building in Old Town Alexandria at 413 North Washington Street, Alexandria, Virginia 22314. Please contact us to set up an appointment at (703) 549 5551 or connect with us on Facebook and Twitter.