Marital Residence During a Divorce
Divorce raises all sorts of issues regarding property and finances. For many couples, the home may be your most valuable asset — from a financial perspective and an emotional one. The prospect of losing your home may add more stress and anguish to an already difficult transition in life. As a result, determining what to do with the marital residence can be challenging.
What Will Happen To Your Home?
Louisiana is a community property state, meaning all property acquired during the marriage is considered to be equally owned by both spouses. However, complicating factors such as prenuptial agreements can change the way property gets divided.
In the absence of special circumstances, community property is generally divided equally upon divorce. Yet this does not mean you will be stuck with joint ownership of the home or a forced sale. Instead, one spouse will usually keep the home, and its attendant debt or equity will be offset by other assets or debts in the marital estate.
As with other aspects of divorce, there are various means of resolving this issue. A more collaborative approach may lead to an outcome that is better suited to fit your needs. However, if litigation becomes necessary, a judge will decide the issue. In either case, experienced legal guidance is a key ingredient for a successful result.
Providing Answers To Tough Legal Questions
At the law firm of Betsy A. Fischer, LLC, we represent clients through all stages of the divorce process, including both collaborative options and traditional litigation. For more than 20 years, our attorney has offered insightful guidance and real-world advice on the many ramifications of ending a marriage. Our goal is to help people like you make informed decisions on how to proceed toward post-divorce life.
We can help you address pressing questions such as:
- Who will get to keep title to the home?
- Who gets to stay in the home during the divorce proceedings?
- What happens if the mortgage is underwater?
- Who gets to benefit from the equity?
These concerns are closely linked to child custody, as courts generally prefer to keep the children in the home for greater stability. Our lawyer, Betsy Fischer, offers a comprehensive view on the interplay between these various components of divorce and how they will affect you.
Our Attorney Can Explain Marital Residence Issues
For more in-depth explanation and personalized guidance regarding your circumstances, please contact our office in Metairie, LA to arrange a private consultation. We look forward to meeting you.