In many ways your RI divorce is a business decision which requires you to evaluate the dissolution of your marriage from a rational perspective rather than an emotional perspective. This is especially true when deciding what action to take regarding your home.
In many marriages, the marital home is the greatest asset of the parties or the greatest liability. In determining your Rhode Island divorce strategy regarding your home, it is important to first ask yourself the following questions:
- Which one of you, or both, will live in the marital home while your divorce is proceeding?
- Is the house to be sold or will one of you keep the marital home?
- If the house is sold, how will the proceeds be divided?
- If a party remains in the marital home, will the other deed their interest in the home to the other or retain the interest until a later date/sale?
- If the house is to be sold, are both spouses going to be involved with the sale (choosing the realtor, the market price, etc.)?
- While preparing the home for sale, who is responsible for any major costs or repairs to the marital home?
- Which party will be entitled to deduct the mortgage interest charges and real estate taxes for income tax purposes?
- Which party will be responsible for any income (capital gains) taxes which may be imposed as a result of the sale of the marital home?
- Which party will be responsible for any loss if the marital home sells for less than what is owed on the mortgage?
These are important questions which affect your future and your children’s future. Get the help you deserve from experienced RI Divorce Lawyer, Frank Flanagan, by contacting us below or calling (401) 849-3337 today.