When It Comes to Marital Property, the Marital Home is Biggest Concern
While the marital home used to be the most substantial asset to distribute in any marital property division, now it is oftentimes the largest liability. Although the economy is seemingly rebounding, everyone still knows someone facing foreclosure. This presents quite a conundrum when figuring out what to do with the humble abode when you have a one way ticket to splitsville.
Many times, a party will sign a quitclaim deed relinquishing his or her share of the property to their spouse thinking they are leaving the underwater home scot free. Only problem with that is the bank really doesn’t care what you and your spouse agreed to in a settlement agreement, if you signed the note then you are still on the hook. This brings up another important point, you are only responsible to the lender if you signed the note. If you are looking at a huge deficiency and only signed the mortgage or the deed, drop to your knees in praise because you, my friend, can waltz out of home sweet home free as a bird. If you are one of the lucky ones who has some equity left and you have minor children, you should consider exclusive use and possession of the marital home.
Division of Marital Property in Divorce
Property settlements can be tricky and knowing what you are walking into is the best way to arm yourself. Remember, a court will not modify a marital property settlement in the majority of cases so as far as the marital home is concerned, it is imperative to explore your options and find a family law attorney who you feel comfortable with dividing your marital estate.