If you are going through a divorce and looking for a way to divide your assets, our Austin divorce lawyers may be able to help. Valuing and allocating a house after divorce is one of the most difficult aspects of the asset division process. In most cases, a home is the most valuable asset you and your former spouse own together. This means that dividing the value of the asset also involves one or both parties finding a new residence. There are other factors that can complicate the asset division process as well, including the home’s market value. Property appraisals may be objective, but they are not perfect in their estimation of a home’s value. Significant differences between appraisals are fairly common, so the only sure way to determine how much a home is worth is to find out how much someone else is willing to pay for it. If you are not willing to sell your home, determining its value may prove difficult.
Most people become emotionally attached to a home, which can make dividing the asset in a divorce even more difficult. Homes are seen as a refuge by most people, so it is no surprise that they can cause significant disagreement during divorce. In addition to how much money you have invested in a home, you also have “sweat equity,” or the effort spent to improve the condition of the home. In addition to the emotional burden of selling a home, there are many economic burdens as well. Most people do not treat their homes as an investment but rather a long-term residence. In most cases, a home is treated similarly to an engagement ring without consideration to such financial issues as paying interest or depreciation in value. Most homes are purchased and maintained with the income of both parties. If you hope to keep the home, you may become responsible for maintaining the property as well as paying the entire amount of the mortgage. By taking full equity in the home, you assume the fair market value of the house after the mortgage has been subtracted. If you are uncertain about whether you want to take on the financial burden of keeping a home after a divorce, our Austin divorce lawyers may be able to help you with your decision. While there are emotional and practical benefits to keeping a home, there are also many financial burdens that lead some homeowners to choose to sell the residence and divide the profits.
Call Nunis & Associates today at (512) 236-9696 for asset division consultation from Austin divorce lawyers you can trust.