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What Are The Options To Consider When Disposing Of The Marital Residence In A Divorce Proceeding?
In the usual divorce or dissolution proceeding, the disposition of the marital residence is often one of the most important decisions in the case and one of the most emotional issues with the exception of “custody” of the minor child or children. One or both parties may have very strong emotional ties to the home and may overlook important financial considerations in their quest to “keep” the family home.
I now provide to you my list of available options in disposing of the marital residence during divorce:
- Sell the residential property for the “best obtainable price” and divide the net sale proceeds.
- Sell the residential property for the “best obtainable price” and use the net sale proceeds to pay off marital debt or to pay down marital debt.
- Determine the equity in the marital residence, if any, with one party “buying the other party out” of his or her interest in the marital residence.
- Determine if the home is “upside down” meaning that the mortgage indebtedness is greater than the
I was pondering a list of various topics for this blog article. I wanted to publish a strong blog article to start 2015. I started a couple and even finished one that wasn’t honestly that memorable. So I decided to hold that one in the “bank” for another less important time of the year. The start of any new year is an obvious time for reflection and to take an inventory of our blessings and shortcomings.
On June 28, 2014, we published an article about S.B 177, an Ohio Bill that was introduced in August 2013 that would amend domestic protection order laws to allow your furry friend to be included. The legislation became a reality when Governor 
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Traditionally, A princess cut, a pear, a round, or an oval? Should I go to Jared (He went to Jared) or Stafford or Kay, because every kiss begins with Kay, right? How much should I spend? Can I afford a good engagement ring now or should I wait and save 3 months’ salary? Am I going to look cheap if I go to an off brand jeweler or use a family heirloom ring?
Today while running some errands, I saw mountainous displays of bags of candy so enormous that I would need assistance just getting them to the car! Aisles and aisles of transparent sacks filled with tempting giant size candy bars! Where are those little bit size morsels we used to consider a treat? Now there were Reese’s Peanut Butter Chocolate Cups the size of small pizzas! (Okay, maybe just the size of bagels…but still!) Of course, they are priced to encourage you purchase more than just one bag (buy two, get one FREE!).
Traditionally, when dividing assets in a divorce, each individual looks to their assets obtained during the marriage. When these assets are identified, the process of dividing those assets up then runs its course. Today, with the constantly changing technological field, assets are not merely tangible objects anymore. For example, your iTunes library is not a tangible asset, yet it does have value and you did spend money to amass this library. Even though this asset is not a house, car, jewelry, or even cash, it’s still considered an “asset.” It also doesn’t matter which spouse maintained the library, or who actually purchased the digital assets; as long as they were obtained during the marriage, they qualify as “marital assets” which means they’re treated no different than a car or any other tangible asset.