confused _one Posted January 23, 2006 Share Posted January 23, 2006 I have a question recently my mom has filed for divorse does anyone know whats next with dividing the equity and the matrimonial home? He doesnt have money to pay for it for us to live in theres three children 2 moving out and the younger brother staying with my mom. Does he have to continue to pay for my mom to keep the house or does she have to downsize to something smaller. Just wanted to know if anyone knows anything about this or if its left up to the judge Thanks so much . Link to post Share on other sites
Curmudgeon Posted January 23, 2006 Share Posted January 23, 2006 upon the laws of your state,whether or not it's a community property state, whether one purchased the home prior to the marriage, what other settlement issues there are and a whole host of other variables. In general andin a community property state in which the couple purchased the home jointly, they would have an equal community interest in the value of the house. That usually means that one must buy the other out (usually using a second mortgage) or the house is sold and the equity is split. Sometimes, with children involved, the parent with primary custody is allowed to retain the house until the last child becomes an adult and then the property is sold and the proceeds split. The house can also be used as a bargaining chip in settlement. For instance, if your father has retirement funds and investments he wishes to retain your mother could offer to forego her community interest (if any) in those in exchange for his share in the house. As you can see, it can be somewhat confusing. The best thing for your mother and father to do is consult attornies. Link to post Share on other sites
Recommended Posts