One of the most significant questions in any Spokane divorce is who gets the house when everything is settled. The primary residence is often the largest single asset in a couple’s marital estate, and many factors can go into who gets the house in the divorce. If you are wondering who gets the house in a divorce, and you would like to talk through your legal options with an experienced Washington divorce attorney, call or contact the Hodgson Law Office in Spokane today to schedule a consultation of your case.
Washington is a community property state, which means that all martial property is split equitably between spouses in a divorce. This includes all real estate and personal property such as vehicles, boats, collectibles, jewelry, art, furniture, and more. However, this does not mean that each item must be split between spouses. All marital property is appraised, and the total value must be split between spouses. This means that one spouse can retain the marital home if he or she is willing to part with other assets that equal half of the value of the property.
Another issue to take into account is when minor children are involved in the divorce. In order to maintain a sense of familiarity during a difficult time, it may make sense for one parent in the household to retain the house in the divorce. Maintaining a level of normalcy for children during a divorce can go a long way in managing their stress and emotional well-being throughout the process. In addition, if the marital home has been passed down through generations on one side of the family, it may make sense for that spouse to keep the house in a divorce.
One final consideration when deciding who gets the house in a divorce is the potential impact it will have on the spouses’ taxes. Not only does a spouse have to be able to pay the mortgage, utilities, and upkeep on the marital home alone, but he or she must also be able to pay the property taxes on the residence. For some spouses going from a double to a single income household, there may be too many expenses to retain the house in the divorce. Anytime a spouse wants to keep a major asset like the marital home, he or she should always talk to an experienced divorce attorney and financial advisor about all available options.
If neither spouse can handle the expenses as a single person, one final option is to sell the property and split the proceeds between the spouses in the final property distribution. The proceeds can go toward a new home to start over once the divorce is finalized.
There are many factors that go into deciding who gets the house in a divorce, and an expert in divorce law can help guide that decision during this difficult time. To learn more about your legal options for getting the house in your Washington divorce, call or contact the Hodgson Law Office in Spokane today to schedule an evaluation of your case.