In a divorce with no kids but a house in both names on the mortgage, how would you decide who gets the house?
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In a divorce with no kids but a house in both names on the mortgage, how would you decide who gets the house?
We are both retired..
Asked on June 9, 2012 under Family Law, Michigan
Answers:
S.L,. Member, California Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If you live in a community property state, community property is property acquired during marriage. Community property also includes income during marriage. Each spouse has a one half interest in the community property.
Separate property is property acquired before marriage or after the marriage ends. Separate property also includes income before marriage or after the marriage ends. A spouse has no claim to the other spouse's separate property.
If your house was purchased during marriage, it is community property and you and your spouse each have a one half interest in the house. It is possible that one spouse could buy out the other spouse's one half interest in the house. It is also possible to agree to an unequal division of the community property.
If you don't llive in a community property state, other rules may be applicable.
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