Majority of people really need a strong reason to ask for a divorce. Yet, when it comes to divorce, both parties will go through a lot of stress (both physical and emotional). It is a tumultuous time for everyone involved, and there is no easy way to go through a divorce. After getting divorced, people often engage in a variety of unhealthy behaviors. Alcohol-abusing is among them. However, some people choose to divorce because one of the spouses has been using too much alcohol lately. Alcoholism is a very strong ground for a divorce, and one of the leading reasons why people seek divorce in the United States. Salvage What You Can Did you know that Alcoholism is among the three top reasons behind people’s divorce in the States? It is known to dimish relationships to the point where there is nothing left. Under the effect of alcohol, people do things they may regret later. Alcoholics usually have problems with focusing on their marriages, become secretive and tell a lot of ...
After a divorce, the spouses usually end up selling the house and sharing the profit. However, that is not always the best idea. Yes, it will provide the spouses with enough money to invest in a small apartment, but what happens with the children? Their life standards will start to decline, and they will have to move from their home.
This is why joint ownership is a good option. Instead of selling, keep the house, at least until your children grow up. Here is how you can do it, and the reasons why you should do it.
Understand the Advantages of Co-Ownership
The first thing you need to understand is the benefits of keeping your house after a divorce. Yes, selling is not always the only option. If you and your spouse come to an agreement, you can keep the house and have equal ownership over it for as long as you decide to keep it. The person who would stay and live in the house could and should pay the mortgage, while both of you should split the bills. Keep the house in joint ownership until your kids become adults, then you can sell the house and share the profit.This is the best way to protect your children from the downsides of a divorce. It provides them with a sense of security, love, and affection.
It is Pretty Simple
After you file for a Divorce in Salt Lake City, all you have to do is speak with your spouse and agree that you will keep the house. Afterward, speak with an attorney and ask for a contract to be drawn. Once both you and your spouse agree to all the terms and conditions and sign the contract, you will both become co-owners of the house once you get divorced. You both become tenants in common, meaning that you both own half of the house. It is a bit different from being tenants by the entirety (while married), as none of you will have an undivided 100 percent interest in the house. However, you can still continue to pay mortgage, share the bills and raise your children in the place they call home.Be Aware of the Risks
There are a few risks of staying in co-ownership after a divorce. For instance, what if your spouse stops paying or is late with the mortgage? That is going to affect your credit score, regardless of who is in charge of paying the mortgage.Also, what if your spouse has a change of heart and wants to sell the house sooner than anticipated? Be sure to draw a specific agreement, where both parties agree that they will not sell the house before kids move out. Be specific, set a date.
But what if the spouse living in the house dies? According to the law, every house owner may leave the ownership of the house to anyone they desire upon their death. To avoid this from happening, add a clause in the contract, stating that in case of death, the other spouse gets full ownership of the house. Speak with a Salt Lake City Divorce Attorney and learn how you can protect your best interests and the interests of your family before you sign a co-ownership agreement.
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