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Can I Keep My Wisconsin Home After Getting Divorced?
During the divorce process, there are numerous issues related to your property and finances that may arise. As you work to divide your marital property, some of the most pressing issues that you will need to address will be related to your family home. Whether you owned your home before getting married or purchased it during your marriage, decisions will need to be made about the ownership of the property going forward. An experienced attorney can help you understand your options and work with you to resolve issues related to property division.
Ownership Rights for Your Family Home
If one spouse owned the home before the marriage, it is generally considered the separate property of that spouse. However, this can change if the home has been commingled with marital assets or if both spouses have contributed to the mortgage, maintenance, and home improvements. While you may be able to retain ownership of a home you owned before getting married, you may need to reimburse your spouse for any contributions he or she made to the home during your marriage.
If you bought your home together with your spouse during your marriage, it will be classified as a marital asset that is jointly owned by the two of you. Since you will both have a legal claim to the property, you will need to address the home along with other marital assets during your divorce proceedings.
Options for Resolving Home Ownership During Divorce
You may use one of the following options to determine how ownership of your family home will be handled during and after your divorce:
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Sole ownership by one spouse: Either you or your spouse may wish to continue owning and living in your family home. The spouse who wants to own the home will need to buy out the other spouse's share of the property. This can be done through a lump sum payment or by offsetting the value against other assets in the divorce settlement. The spouse keeping the home will most likely need to refinance the mortgage in his or her name alone. This will ensure that the other spouse is removed from any financial obligations related to the home. Legal steps must also be taken to remove the other spouse from the title of the home, ensuring clear ownership by the remaining spouse.
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Selling the home: If neither spouse will be able to maintain sole ownership, you may agree to sell your home during the divorce process. This option may also be necessary to ensure that all of your marital assets will be divided fairly. In your divorce settlement, you can determine how the proceeds from the sale will be divided. However, you may need to make decisions about how interim costs such as mortgage payments, utilities, and other expenses will be handled until the home is sold.
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Co-ownership by both parties: While this option is less common, you may choose to maintain joint ownership of your home with your ex-spouse after your divorce. This may be preferable if you want to ensure that your children can avoid disruption to their lives. However, this type of arrangement will require clear agreements regarding who will be responsible for ongoing mortgage payments, utilities, maintenance, repairs, and property taxes. You may also need to ensure that your divorce settlement includes provisions for the sale of the home in the future.
Contact Our Milwaukee, WI Asset Division Lawyers
Addressing issues related to home ownership during your divorce will involve careful consideration of the available options and your overall financial situation. At Gimbel, Reilly, Guerin & Brown, LLP, our Milwaukee property division attorneys are here to help you determine the best course of action, and we will work with you to find solutions that will provide for your ongoing needs. Contact our office at 414-271-1440 to schedule a free consultation and get the legal representation you need during your divorce.
