How does divorce work when you own a home?

How does divorce work when you own a home?

How is property divided after a divorce? When the court grants a divorce, property will be divided equitably (not always equally) between the two spouses. This is decided under the Equitable Distribution Law. During the divorce both spouses have to tell the court about their income and any debts they owe.

Does the wife get the house in a divorce?

Who Gets the House in the Divorce? If the house is separate property, the owner-spouse will get the house. If the house is community property, there are several ways it can be divided, either by agreement or court order, in the divorce judgment.

Is a house owned before marriage marital property?

California’s separate property laws apply to a house owned before marriage. (b) A married person may, without the consent of the person’s spouse, convey the person’s separate property.” Therefore, you should have a separate property interest during the divorce in that premarital asset which is your house.

Do I have to still pay the mortgage if we separate?

If you’re both named on the mortgage, you’re both responsible for the payments – including any arrears – even if one of you moves out. When you separate, you might be able to make other arrangements for paying it.

Is spouse responsible for mortgage debt?

It is not unusual for one spouse to enter into a marriage with student loan debt, a mortgage, or a lingering car loan. You are not responsible for any debt your spouse incurred before your marriage, unless you incurred the debt together (for example – by signing a mortgage loan together).

What happens if my husband stops paying the mortgage?

Does My Ex-Partner Still Have to Pay the Mortgage? You’re equally liable for the mortgage, even if the loan is based on one party’s income or one of you moves out. Your lender can pursue both of you either jointly or individually for the payment – plus any costs, legal fees or loss made upon any possible repossession.