A common question people ask me when they think they will separate and divorce is, “What will happen to my home?”
This can be a very emotional issue. The home may be associated with both pleasant memories and sad memories. There are several options to consider when it comes to the ownership of your home during divorce, and it is very important to discuss the various possibilities with your family law attorney.
There is equity in your home as well as debt. Home equity is the difference between the market value of your home (what you could sell it for) and the amount you owe on your home (your mortgage, line of credit, home equity loan, etc.).
Some of the options to consider are: