Divorce is often incredibly complicated. For instance, you and your future ex-husband will have to work out a custody arrangement for your children, negotiate over your marital assets and divide the debt the two of you accumulated during your marriage. One of the major decisions you will have to make will concern your house in Rhode Island. Will you continue living in the house and take over the mortgage? Or, will you sell the house and split the proceeds?
There are various options available in regard to your marital home. Your decision will more than likely depend on your specific circumstances.
Sell the house
The best option is usually to sell the house. If you have equity in the property and the market is good, you may be able to sell the house fairly quickly, for a good price, and you and your husband can split the proceeds after you pay off the mortgage. However, you might find this difficult if you have a sentimental attachment to the home. If possible, try to examine the situation from a logical position and make the decision that is best for your financial health.
One of you can take possession
Another possibility is that one of you keeps the house. If you choose to remain in your home, you must be in a financial position to take over the mortgage and pay for the normal maintenance and upkeep of the property. Also, keep in mind that if you get the house in the divorce, you will have to give up other assets that are equal in value to your soon-to-be ex-husband’s share of the home. Of course, if he keeps the house, he will have to do the same.
Sign a quitclaim deed
In general, if you sign a quitclaim deed you are surrendering your rights to the property. However, even if you have no ownership rights, you will still be listed as a responsible party on the mortgage. In other words, if your husband lives in the house and pays the mortgage but misses a payment, the lender can come after you. This will probably not be the ideal situation for either one of you.
If you are considering divorce, you will have to make some complicated decisions once you start the process. The above information might help you decide what you should do with the family home.
