Is it better to keep the house in a divorce?

Is it better to keep the house in a divorce?

But Jenkin says there’s a trap the remaining parent, usually a mother, should be aware of. “Most women negotiate for the home rather than cash \u2013 and then find themselves house-rich and cash-poor once child support and alimony run out, so it’s best to plan for that if you decide to keep the home,” Jenkin says.

Why does the woman get the house in a divorce?

A big reason to keep the house is to provide stability for your children. They are always the innocent victims of a divorce, unable to control their destinies until they are older, but still intimately impacted by you and your spouse’s failures as husband and wife.

Is a house purchased before marriage marital property?

Any assets acquired before the marriage are considered separate property, and are owned only by that original owner. A spouse can, however, transfer the title of any of their separate property to the other spouse (gift) or to the community property (making a spouse an account holder on bank account).

What happens to assets when you marry?

Matrimonial assets will, by their very nature, be shared out between you and your spouse during divorce. This means you’ll need to divide the finances that were acquired while you were married – even if the money came from your job, or from your family. Matrimonial assets won’t necessarily be split 06.2017

What is considered separate property in a marriage?

Separate property is anything you have that you owned before you were married or before you registered your domestic partnership. Inheritances and gifts to 1 spouse or domestic partner, even during the marriage or domestic partnership, are also separate property.