Who will get the home in a Nevada divorce?
For many Nevada couples, their home represents their largest investment. When a marriage ends, that investment is considered an asset, and will be subject to the property division process in the same way as all other assets. Couples have a wide range of options when it comes to dividing the value of their family home during a divorce, but it is important to understand the consequences of each choice before a final decision is made.
In many cases, one spouse will choose to retain the home, and the other will relocate elsewhere. When this is the chosen course, the spouse who walks away from the property is owed his or her share of the equity held within the home. In order to determine the value of the property, an appraisal will be completed. Using that estimated value, the party who is not remaining in the home will receive a payout, often in the form of a greater share of other jointly held assets.
For the spouse who remains in the home, the best course of action is to refinance the property in their name alone. Spouses who are able to provide proof of 12 months of timely mortgage payments can usually attain a refinanced loan. This sometimes requires a transition period during which both parties remain listed on the mortgage.
Nevada spouses who are preparing to divorce should try to determine how the family home will be handled as early as possible in the divorce process. There are pros and cons for each possible choice, and the results can have a great deal of impact on one’s future financial scenario. Spouses should be sure to make property division decisions that support their individual goals, and that can build a strong foundation for future success.
Source: Newsday, Your Finance: Divorce and the marital home, Geoff Williams, Oct. 9, 2013