David R. Bruegel, P.C.David R. Bruegel, P.C. brandDavid R. Bruegel, P.C.
Call Us Today
Local : 517-833-4196
Our Practice Areas

What to consider when asking for a marital home

We All Need A Champion

It is not uncommon for Michigan residents or others going through a divorce to want to keep their marital home. In some cases, there is a sentimental attraction to the property. Parents may be concerned about providing a stable environment for their children during an uncertain time in their lives. However, it may not always be in a person's best interest to keep a marital home in a divorce.

It may be difficult for someone who has just gotten a divorce to get approved for a mortgage. Those who have just started a part-time or commission-based job may not use it as qualifying income unless it appears on two or more years' worth of tax returns. Those who are receiving alimony generally need to get it for at least three months to use it as qualifying income on a mortgage.

Although a couple may have been approved for a loan together, an individual may not qualify for a loan by him or herself. This is because an individual may not have the same assets, income or credit score. An individual's debt-to-income ratio may also be too high for a loan after accounting for possible child and spousal support payments. If joint debts are not paid on time, both parties to the loan could have their credit scores lowered.

Although a marital home may have sentimental value, that may not be enough to justify the cost of a mortgage, insurance and upkeep. An attorney may be able to help an individual determine if he or she should ask for the house or ask for proceeds from the sale of the home in a final settlement. Legal counsel may be able to help find accountants or other outside professionals to further aid an individual in making that assessment.

No Comments

Leave a comment
Comment Information
  • Expert Network | Distinguished lawyer | David R Bruegel
  • National Association Of Distinguished Counsel | Nation's Top One Percent | NADC
  • This Attorney is Lead Counsel Rated. Click here for more Information.Elder Law & Estate Planning

Share Your Concerns.

The first step toward tackling any legal problem is to talk it over with a trusted professional. Discuss your legal worries with attorney David Bruegel. Call or send an email to get started.

Send Your Information Today

How Can We Help You?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

David R. Bruegel, P.C.

Attorney Image
Avvo Rating 10.0 Superb Top Attorney General Practice Peer Review Rated For Ethical Standards & Legal Ability AV Preeminent Martindale-Hubbell from LexisNexis

Contact Information

155 W. Maple St.
P.O. Box 316
Mason, MI 48854

Phone: 517-833-4196
Fax: 517-676-6035
Map & Directions

Review Us