The act of dividing assets when a marriage is dissolved can naturally involve a great deal of complications. However, one major issue during a divorce may be the fate of what is often the biggest asset owned by the parties -- the family home. For those in Missouri navigating a divorce, the financial impact of what happens with the house can have a significant impact on the outcome of the divorce proceedings and what each party may have as they move forward.
First, an accurate value needs to be assigned to the home. Three appraisals may ensure the most accurate valuation. When both names are on the mortgage, legal options must be considered. The person who wants to keep the house will have to qualify for any new mortgage debt in order to free the other person from being associated with the existing mortgage. The reduction in income of both parties can impact this option.