For many families in Montana, a large portion of assets is tied up in their home and land. This can be problematic in a divorce because it means that the property assets will likely need to be divided between spouses. This often means that the home and any additional land will need to be sold so it can be split.
If you are going through a divorce in Montana, it is important that you take the time to understand how the law works regarding asset division. By doing so, you will be better equipped to get the best possible result.
How are assets divided in Montana?
Like in many states, Montana follows the principle of equitable distribution. This means that marital assets are not blindly divided 50/50 between couples at the point of divorce. Instead, assets are distributed in a way that the courts deem to be fair and just. This could be based on many factors, such as the future prospective income of each divorcing spouse and the circumstances surrounding the divorce.
How is a home valued?
If your home is part of the marital property that is subject to division, you will first need to get your home valued. This will help you to gain an idea of how much money is tied up within the home. From there, you and your ex will need to decide on the best way to move forward.
What are my options in dividing the home?
Probably the most common option is for the divorcing spouses to sell the house and to split the proceeds between them equitably. This allows both spouses to move forward with their lives and potentially purchase properties individually.
Another option is for one spouse to refinance the home so that they can become the sole owner. This is generally only possible when a person has considerable assets that are not tied up within the home. This allows one spouse to walk away with monetary assets, and the other to keep the property.
If you are unsure about how to divide your home in a Montana divorce, it is important that you take a proactive approach in understanding the more complex issues.