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What happens to your home in a divorce?

Your Delaware home may be sold or transferred to your estranged spouse as part of a divorce settlement. There is also a chance that you will become the sole owner of the property after your marriage officially comes to an end. What actually happens to your house in a divorce depends on a number of factors unique to your case.

When to sell the home

Selling the home is often the best option if you can’t afford to pay holding and maintenance costs on the property by yourself after the divorce is finalized. Selling the house is also likely your best option if you can’t qualify for a mortgage on your own. If your spouse is going to take possession of the house, you are entitled to roughly half of the home’s equity. An exception might be made if you agree to walk away from the house in exchange for other assets such as a retirement account or an art collection.

When to keep the house

Keeping the house may be a good decision if you have the means to pay the mortgage and other costs. It may also be a good idea if you are your child’s primary caretaker and want to provide stability for your kid. Finally, keeping the house might be best if you think that the house will continue to appreciate at a rate faster than the stock market. In such a scenario, you can confidently part with stocks, bonds or other assets in a settlement.

In addition to a family home, you may be entitled to a portion of other assets held in the marital estate. Those assets may include a retirement or brokerage account in addition to a car, boat or anything else acquired after your marriage became official.