In many cases, the marital home is the largest asset a couple has—and what happens to the home is often the most important puzzle piece when dealing with the property settlement. Because of the recent recession and housing bubble burst, dealing with the marital home has become even more complex than in the past. Sometimes, the house may stay on the market for years, or the couple cannot make their mortgage payments, and the home goes into foreclosure. When the fate of the house is uncertain, can the divorce still be finalized?
While all divorces are different, the answer is usually, “yes.” Divorces are regularly finalized before all of the couple’s assets are allocated—and the fate of the home is decided in a separate property settlement agreement. However, there are instances in which a judge may order the house put up for sale before the divorce is finalized or that an official plan for the house is in place.
Although getting a divorce finalized before selling the marital home used to be rare, it has become more common because of the difficult housing market and the tough economy. More couples—with the help of their attorneys—are making non-traditional decisions regarding their marital homes, such as renting them out until the housing market improves.
It is vital that, whatever happens to your marital home, you get your fair share during your divorce and property settlement. To ensure that you get the assets that you deserve during the divorce process, work with an experienced and knowledgeable Washington divorce attorney. To speak with a lawyer today, call the Law Offices of Molly B. Kenny at 425-460-0550.