If you are facing divorce in Utah and you have a house there are a lot of different ways that you can deal with the equity, or in this market the deficiency. In this blog post, we are going to go over some of the considerations in your divorce you should think about or consider when it comes to your home or other property that is part of the marriage.
One of the first options is to buy out your spouse’s share and either keep the house or sell it in the future. In a divorce, a house can be a valuable asset. In this market that thought process has changed unless you have had the house for a significant amount of time. If you think there is equity in the home you can have an appraisal done before you finalize your divorce to make sure there is the equity you think there is.
Option two is that you could sell your share in the equity to your spouse. Again, this should not be done before a value can be established on the home. Without a value you cannot make an informed decision. Not making informed decisions can affect your divorce in a negative manner.
Option three; you and your spouse could sell the home and split the proceeds. When doing this remember that there are fees involved in selling the home. Such fees include closing costs, and realtor fees. If the market is good then it might be a good option to make a clean split and take the cash to buy a new home to start a new life after your divorce.
Option four is that you could co-own the home together and rent it out. This way you and your spouse could share in the rental value of the home. It would be smart to set a time or amount that the house would have to be sold for in the future. This way you do not run into a future problem of fighting about when to sell the home.
These are common issues that a Utah Divorce Lawyer will face when representing you in your divorce. We offer a free consultation to to over your situation and options. Give us a call at (801) 475-0123 to set up your consultation in Salt Lake City or Ogden, Utah.
We serve Utah County, Salt Lake County, Davis County, and Weber County. We have the court room experience needed to get good results in your divorce. Set up a time to meet and see what we can do for you.
Divorce and how to split the House | Arnold, Wadsworth & Coggins Attorneys
Arnold, Wadsworth & Coggins Attorneys is a premier Utah law firm serving the Wasatch Front in the areas of family law, bankruptcy, criminal law, and civil litigation. Our attorneys provide clients with exceptional legal representation and personal attention. With over 35 years of trial practice and litigation experience, we bring big firm expertise at affordable rates
