Property Ownership and Divorce

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Purchasing property with a spouse is usually a wonderful moment for most families. You’ve finally found the home of your dreams and now you can begin your life together. But the more pragmatic sorts will wonder if there is something they need to do to protect themselves in the case of a future divorce.

Home purchases are typically made with the assumption that the family is planning on staying together so there aren’t any special forms you need to file, unless you feel like having an agreement drafted by an attorney.

Typically spouses purchase the home in both their names and have it titled as such. This means you both have an equal stake in the property and if one of you should happen to die the property automatically becomes the sole property of the surviving spouse. But in the case of a divorce an agreement will have to be reached between both parties. In some cases it is best for the couple to sell the home and split the assets or the expenses. In other cases one of the homeowners may wish to continue living in the home, in this situation you’ll have many issues to iron out and an attorney can help you arrive at an equitable solution that fits with your local and state laws.