What happens to the joint house after the divorce?
December 12, 2022 | 40,00 EUR | answered by Erwin Evers
Dear lawyer,
My name is Quentin Kessler and I am currently in the unfortunate situation of having to divorce my wife. We have jointly purchased a house, which has been our shared home up until now. I am now faced with the question of what will happen to this house after the divorce.
At the moment, my wife and I still live together in the house, but the atmosphere is very tense and it seems unrealistic to continue sharing the house after the divorce. We have both invested in the house, so the question arises of how the value adjustment or division of the house will be handled. I am worried that after the divorce, I could be left without a place to live or that my financial means may not be sufficient to take over the house on my own.
I would like to know what options there are for dividing the shared house after the divorce and how a fair distribution of investments can be achieved. Is it possible to sell the house and divide the proceeds fairly? Or are there other solutions that could allow for a fair division?
I would be very grateful if you could provide me with your expertise in this difficult situation and show me possible solutions.
Thank you in advance.
Sincerely,
Quentin Kessler
Dear Mr. Kessler,
I understand that the impending divorce and the question of the shared house are weighing heavily on you. It is important to be aware that there are various options available in such cases to divide the house after the divorce and achieve a fair value settlement.
First and foremost, it is important to determine whether the house is joint property acquired during the marriage. In this case, the house falls under the so-called equalization of gains, where the financial value of the house (and other shared assets) is divided fairly. It may be helpful to involve an appraiser to determine the current market value of the house.
One option for dividing the house after the divorce is through a partition auction. The house is publicly auctioned off and the proceeds are then divided. However, this is often a last resort, as this approach comes with high costs and usually results in a lower sale price. A better alternative could be for one of the spouses to take over the house and buy out the other spouse. In this case, an agreement on the value of the house and the buyout would need to be reached.
There is also the option for both spouses to keep the house and use it jointly. However, this can be difficult, especially if the relationship is heavily strained. In such cases, a clear arrangement on the use of the house and the distribution of costs may be advisable.
It is important that you seek advice from an experienced divorce attorney in this situation to find the best solution for you and to adequately represent your rights. Your attorney can help you achieve a fair division of the shared house and ensure your financial security.
I hope this information is helpful to you and I am available to further clarify any questions and support you in this difficult situation.
Sincerely,
Erwin Evers
