Dividing Home Equity during a Divorce

Second to determining child custody, perhaps the most complex part of divorce proceedings is dividing the house that your partner and children have lived in during marriage. Divorce is never an easy thing to go through emotionally, but dividing the things that represent you and your partner’s time together can be especially painful. Unfortunately, in most relationships, the house that was lived in together is the most valuable monetary asset.

Temporarily, until the specifics of their new lives can be settled, most couples decide to let one party stay at the home while the other finds another place of dwelling. If you are currently undergoing or contemplating a divorce and wish to know more about dividing home equity, contact the Conroe divorce lawyers of Garg & Associates, P.C. at 281-362-2865 to schedule a free initial consultation.

Determining Equity

Equity is the value of the property. It is determined by taking the total value of the home as it is listed currently, then subtracting the encumbrances. Encumbrances include any loans secured against the property, mortgages, second mortgages, home equity loans or secured lines of credit.

A divorcing couple has several options when it comes to dividing the value of the home. One party may remain in the home, taking on the cost of the mortgage and other expenses. In this scenario, the other party would receive an equivalent amount from the couple’s other shared assets. Alternately, the couple may choose to sell the home and split the profit evenly.

Contact Us

To find out more about the process of determining home equity and dividing it during a divorce, contact the Conroe divorce lawyers of Garg & Associates, P.C. at 281-362-2865 today to schedule a free initial consultation.