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What to consider when asking for a marital home

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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.

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