If your marriage comes to an end, you may be allowed to retain your Alaska home as part of the final divorce settlement. However, it’s also possible that the home will be sold or ceded to your spouse instead. Let’s take a closer look at what could happen to your home after your marriage is officially dissolved.
When would it make sense to keep the house?
It may make sense to keep the house if it is located close to your friends, workplace or other locations that you frequent on a regular basis. The same may be true if the property is located near your child’s school or doctor. Furthermore, you may want to retain a marital home if your current mortgage payment is lower than the average rental rate in your area.
Why would it make sense to sell the house?
If both you and your spouse want to remain in the home, it could be a sticking point that derails divorce settlement talks entirely. Therefore, a judge may order that the house be sold and the proceeds from the sale split between both parties. The house may also need to be sold if neither party is able to get a mortgage in their name only. Finally, it may be best to sell the home if neither party can afford to maintain the house after taking possession of it.
In a divorce, marital assets are generally divided in an equitable fashion. Therefore, you may have the right to roughly half of the equity in the home or to take full possession of it. If you can prove that the home belonged to you before the marriage became official, it may be exempt from property division proceedings.