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Determining who will take the family home in a divorce

On Behalf of | Mar 25, 2019 | Property Division

Child visitation, child support, alimony and property division are just a few of the things that Hawaii residents have to consider as they go through the divorce process. One thing that can cause many disagreements is deciding on what to do with the family home. Two of the main reasons why this is difficult include the fact that the home is one of the couple’s most valuable assets and has sentimental value attached to it.

When it comes to determining who will get the home during the divorce process and what to do about the mortgage, couples usually consider three options. The first option is refinancing a joint mortgage, which means that just one of the spouses will keep the home, and the mortgage will be in their name. The second option is retaining the original joint mortgage. This is a good option for couples who trust each other and will not miss payments.

Assuming the original mortgage is another option. This works well if the mortgage actually allows for loan assumption. This has its financial benefits, especially if the couple was able to secure good payment terms and a reasonable interest rate.

When it comes to property division and determining what to do with a family home, it is important for a person to know all of the facts. For example, some have the idea that assuming a loan is something that can be accomplished with just signing a few papers and making a couple telephone calls. However, assumption is not much different from refinancing. This means that a lot of paperwork and other documentation will be required.

A family law attorney may help an individual who has questions about property division during a divorce. While the decision will need to be made by the client, the attorney may be able to give information on the laws that pertain to handling joint debt, knowing the value of assets and other financial issues that arise during a divorce.

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