How will you divide your home in divorce?

A home is the largest asset for many couples. In a divorce, if the home will not be sold, you have to determine who will retain the home, refinancing terms to remove the other party from the mortgage, and how to handle the equity. If the parties are going to jointly remain on the deed after a divorce, there is risk. How a property is deeded can have a huge impact on what occurs if a party passes away while the property is still co-owned.

A tenancy by the entirety (how most married couples title their home) automatically converts to a tenancy in common upon the entry of the divorce judgment, pursuant to Bernatavicius v. Bernatavicius. A property that is held as joint tenants does not change upon the entry of the divorce. The way the property is titled may conflict with the terms of your Separation Agreement and the intent of the parties – speak with experienced divorce counsel to ensure your rights in this important asset are protected.

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