If you share a home with your spouse but are facing separation, you may be wondering what happens to the house in a divorce. It can be tricky to divide property during a divorce, and “Who gets the house?” is one of the most common questions homeowners ask as they move forward with the division process.

There are several ways to divide the real estate, including selling the home, refinancing, or filing a quitclaim deed. In this article, we are looking at each option to discover the right direction for you.

Selling The Home

If you choose to sell your marital home, the profits will be divided based on certain factors from the marriage. Your attorney will analyze variables like:

• Which spouse contributed more to the mortgage payments?
• Which spouse contributed more to the financial upkeep?
• Which spouse is benefiting from more of the larger assets in the property division?

There are many more conditions that you and your attorney will consider as you create a fair and equitable division of the sale profits. If you and your spouse cannot agree on the division, a judge may have to intercede and split the profits according to their assessment of your case. If possible, strive to reach a mutual agreement with your spouse for a more optimal outcome.

Refinancing the Home

If you or your spouse would rather keep the home, it is important to refinance so that whoever holds on to the house becomes the only one financially responsible for it.

The best course of action when refinancing a home in a divorce is to complete the process before filing. If you wait to refinance after initiating or finalizing the divorce, additional steps will be required, like proving your divorce status and ability to pay post-divorce, for example. These steps complicate the process and lead to bigger headaches for the party who wants to keep the home. It’s much easier to remove a spouse from the mortgage loan while you’re still officially married.

Filing a Quitclaim Deed

A quitclaim deed is an official document that transfers ownership of a property. When both spouses’ names are listed on the deed before divorce, the quitclaim deed allows the one leaving the home (the grantor or “out-spouse”) to transfer their interest in the property to the one accepting full ownership (the grantee or “in-spouse”).

Although the quitclaim deed determines the ownership of the property, it does not determine who is financially responsible for the property. A grantor can still have community property interest with the home, even though their name is no longer on the deed.

Are you facing a divorce and wondering what will happen to your house? Talk to Kevin Rubin and the experts at Rubin Family Law. Our knowledgeable staff will provide excellent counsel throughout your divorce and fight for you during property division. Schedule a consultation with us today: 770-670-7200