What happens to our house in a divorce?

What happens to our house in a divorceIf both spouse’s names are on the title to the house, and/or both spouses can validate that they have contributed to payment for the house, it is community property. Typical solutions for determining what happens to your house include: one person buying out the other person’s interest in the house, the house being sold and the money received is divided between the spouses, or the spouse retaining the house takes sole responsibility for future payments on the mortgage. If the latter option is chosen, it is a good idea to ensure that the party is re-titled and, if applicable, refinanced so that only the remaining owner is held accountable for mortgage payments and property taxes.

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