If you are planning to get a divorce, you may be wondering who will be entitled to your marital home. If you are like most couples, this house may be the most significant asset acquired during your marriage. When assets are divided in a divorce, both parties must agree on who will retain the family home and any investment properties following the divorce. If the parties cannot agree, a family judge will decide on this matter. Additionally, a divorce lawyer in Huntsville can assist in negotiating the division of specific assets, including the family home and debts. You can find a reliable attorney when you visit this website. In any divorce, asset division can be challenging. Marital assets in Alabama are divided fairly and equitably. This does not mean a 50/50 split. If you think you must keep the family home after divorce, explain this to the family judge.
The Steps Involved in Dividing Marital Property
Below are the steps to distribute property in a divorce:
- Determining if the family home is marital or separate property. Any asset you and your spouse acquired during your marriage is often considered marital property. A family judge will decide which party gets the home if your divorce goes to court. However, if you and your spouse create your agreements regarding how to divide your property, you can do so as you see fit. A spouse can privately own a piece of property if they owned it before the marriage, obtained it as a gift, or inherited it. This separate property won’t be split between the spouses. An attorney can negotiate with your spouse to let you keep the property you want. If a judge has to make the decision, your lawyer can advocate for you in court.
- Determining the value of the property. After you determine what’s marital property, you and your spouse can assign a value to every item. But if your divorce goes to court, a judge will decide the property’s monetary value. However, some assets, especially the family house, can be hard to calculate. During your marriage, this property might have depreciated or appreciated. Your lawyer may recommend working with a real estate appraiser or realtor to help you determine your home’s current value.
Factors that Impact the Home’s Value
Other factors can impact the valuation of your marital home. These include outstanding liens or mortgages on the property. Such factors may be considered when determining its value in a divorce. Typically, real estate professionals believe the main factors are the following:
- Property appreciation and depreciation. The value of your marital home can increase or decrease due to factors such as market fluctuations and the cost of housing maintenance.
- Repair and renovation costs. If your home requires substantial repairs or renovations, such costs can affect its value.
- Home’s location. Where your property is located can affect its value. Factors such as proximity to amenities, the school district, and the crime rate can influence the value of a house.
- Tax implications. Selling the property has tax implications that should be taken into account when determining its value. For instance, if selling it would result in a significant tax liability, this may impact the value of the marital home.
- Use of the house. If you and your spouse have been using the house to generate income, such as through a home office or rental property, this can impact its value.
Your divorce attorney can answer any questions you may have about how judges and real estate professionals determine a home’s monetary value. By assessing the value of your family home, you can negotiate for a better settlement agreement. Your attorney can fight for what you think you may deserve.
