It is unfortunate that not all marriages last forever. Unfortunately, there are times when spouses have purchased a home together and then their marriage comes to an end. When Ohio spouses get divorced then they may be required to sell their home (which is often referred to as the “marital residence”). If you find yourself in such a situation, then you will likely wish to complete the sale as soon as possible so that you may move on with your life. In this article I will look at how our state may require you to divide your equity and how a realtor can assist you with selling your property. If you require assistance then contact me today to speak with a Dayton real estate agent.
Dayton residents often have to divide home equity as part of an Ohio divorce
Ohio is not a “community property” state. Instead, our laws require the “equitable division” of assets and debts acquired during a marriage; such assets and debts are considered “marital” in nature. Typically, but not always, the Court will equally divide the equity which the parties have in a home. Say, for example, that Dayton spouses own a home that is worth $200,000 and that they have a mortgage of $120,000. This means that the parties would have $80,000 of equity. Each spouse, therefore, would receive $40,000. There are multiple ways in which the Court can ensure that each spouse receives their money.
First, the parties may choose to sell the residence and to split any proceeds. This is often the most simple and straightforward way of making sure that each spouse receives their fair share of the home equity. Second, one spouse may choose to keep the residence and “buy out” the other spouse’s share of the equity. Using the example from above, say spouse “A” wishes to keep the residence. A can pay the other spouse $40,000 in exchange for their share of the equity. A can also allow the other spouse to have a $40,000 disproportionate share of other assets (such as retirement accounts) to make up for A keeping the house. How a case will be resolved will depend on the agreements of the parties and the rulings of the Court.
There are other considerations which may impact how the Court will calculate the amount of equity which is considered “marital.” These factors can include, but not be limited to the source of funds with which the down payment on the home was made, how mortgage payments have been made, and more. For an analysis of your particular situation, it is suggested that you speak with an attorney.
Another important issue is that our state recognizes the idea of “dower rights.” Generally, these rights prevent one from selling their home if they are married, even if the deed is under one name, without the spouse’s express permission. A divorce decree may be required by the title company at closing if the property has been awarded as part of a settlement.
Divorcing couples in Dayton, Kettering, and elsewhere can hire a realtor to help with the sale of their home
If you are selling your home as part of an Ohio divorce then you likely wish to put the matter behind you as soon as possible. For obvious reasons, you also wish to get as much for your house as possible. As I explained in my article on whether one needs a realtor to sell their residence, retaining a professional can often help you to sell the property faster for a higher price than what you would receive if you took the “for sale by owner” route. Obviously, the sale of each home will be situation specific.
If you require assistance with selling your home, due to a divorce, then contact me today to speak with a Dayton real estate agent. I take pride in the level of service I provide to my clients and I look forward to speaking with you. I also service the areas of Beavercreek, Centerville, Cincinnati, Clayton, Englewood, Oakwood, Fairborn, Harrison Township, Huber Heights, Kettering, Miami Township, Miamisburg, Riverside, Springboro, Trotwood, Vandalia, Washington Township, West Carrollton, and Xenia.
Disclaimer: This article should not be construed as the giving of legal advice. The author of this article, and all associated, parties in no way hold themselves out to be attorneys or legal professionals. The content of this article is purely for informational purposes only. If you have legal questions related to the sale of your home, or any other matter, then it is suggested that you speak with a licensed attorney.