Divorce can have significant implications on various aspects of your life. From child custody, child support and spousal maintenance, there is plenty to address during this tumultuous period. One of the most contentious issues you need to hash out during this emotionally-tense period is the division of marital property per Ohio marital property laws.
One of the most sought-after assets during property division is a couple’s marital home. And while you might have a genuine intention to fight for the home, it is important to have a full understanding of what this means. These two questions can help you make an informed decision with respect to fighting for the marital home.
Can you afford it?
Homeownership is generally not cheap. From property taxes to home insurance, repair and homeowner association costs, a lot goes into owning a home. While you and your spouse likely had access to dual incomes, these bills were probably affordable. With a single income, however, you might struggle to finance these bills. Also, your ex might have a share in the home’s equity. As a rule of thumb, if you cannot afford these costs associated with home ownership, then you may be better off letting it go.
Are you ready to refinance the mortgage?
If you and your ex took out a mortgage together, their name will remain on the contract. To remove their name, you will have to refinance the mortgage. This costs money. You’ll need to have adequate income, good credit and you may need to buy out your ex’s share of the home’s equity.
Safeguarding your interests
The decision to fight for a family home is one that you should never take lightly. Seeking legal guidance to learn more about Ohio property division laws can help you protect your rights and interests while handling the subject of your marital assets.