Before immediately launching an all-out battle to keep the family’s residence after a divorce, a Mississippi resident should ask themselves whether it is really in their best interest to keep the family home.
Emotions can certainly play a role in this decision. It is also true that for most people, their residence is one of their most valuable assets. Still, these considerations do not automatically mean that a Gulfport resident should try to keep the home:
- The person keeping the home will likely have to figure out how to pay off the other spouse’s fair share of the equity. Like most other states, the couple’s home will usually be considered marital property. Unless the couple can agree, the court will have to divide it fairly.
- If the person wanting the home cannot swap other property or agree to take additional debt, they may have to make payments directly to their ex-spouse. If they do not pay, the ex-spouse can take the matter back before the court to force collection.
- On the other hand, a spouse who wants to take on a house that is underwater because of mortgages may have a hard time getting the other spouse to pay the debt. Even if that is the case, lenders do not have to hold off on foreclosure or other collection.
- Houses are expensive to maintain and insure. Residents of this state also pay taxes on their property. Typically, the person who keeps the house also pays the expenses.
- Likewise, the person who takes the house will also usually take on the mortgage payments. The person may need to refinance their loan to get their ex-spouse’s name off the mortgage, even if that means accepting less favorable loan terms.
- On the other hand, a person taking on the house could consider asking for alimony. However, asking for alimony does not mean the spouse will get what they want.
Evaluate you options
At least financially, keeping the family home is not always a win in a divorce.
Even if a person is trying to do it so that their children do not have to move right after a divorce, sometimes a new start for the family is better. Those trying to decide what to do should make sure they understand all their legal options so they can do what is best for themselves and their loved ones.