Clement Law Center - Federal Way Family Law Attorney
Free Initial Consultation
253-336-3607
Our office is open. At Clement Law Center, the safety and wellbeing of our clients and employees come first. In response to COVID-19, court hearings and all conferences with client and prospective clients will be by phone. We are not conducting in-person court hearings or meetings. Our staff will often be working remotely during this time. Our office will be checking voicemail and will return client calls as soon as possible. We continue to offer free phone consultations.
We offer a 25% discount to First Responders and Health Care Workers
bg-banner-blog
Quality Representation & Individualized Advocacy You Can Depend On

Tips for dividing a home during a divorce

Dividing a home can be difficult for some couples in Washington who are getting a divorce. People may have a sentimental attachment to their home, particularly if they have raised a family there.

One option is for the couple to continue with joint ownership of the home. If this is the case, they will need to decide how they will pay for expenses associated with the home including the mortgage, utilities and other costs. In other cases, one person may want to buy out the other. This may involve a mortgage refinance to take the other person off the mortgage and sever any financial ties.

Finally, the couple might want to sell the home. They would then split the equity. They should be aware that there could be capital gains tax on any profit. Furthermore, both individuals need to be able to find a new place to rent or buy. Ultimately, deciding which option to choose should be made after looking at such factors as property values, taxes and other financial considerations.

For example, selling a home might not be the quick solution it initially appears to be. Depending on the strength of the market, it could take a while to sell, and the owners may need to decide how they will cover related expenses during this time. If one person is going to keep the home in a divorce, that person should make sure it is possible to pay the mortgage, taxes, utilities and other upkeep on a single salary. In some situations, one person might keep the home in exchange for another asset, such as a retirement account. However, if this is the case, it is important to ensure that any expenses associated with the assets are accounted for in assessing their value. For example, distributions on retirement accounts may be taxed.

Start Your Free Consultation

Our Office Locations

Federal Way Office
31919 1st Avenue South, Suite 103
Federal Way, WA 98003

Toll Free:888-351-6779
Phone: 253-336-3607
Fax: 253-815-8458
Federal Way Office Location

Seattle Office
3418 NE 65th St., Suite A
Seattle, WA 98115

Toll Free: 888-351-6779
Phone: 253-336-3607
Fax: 253-815-8458
Seattle Office Location

Bellevue Office
14777 NE 40th Street, Suite 206
Bellevue, WA 98007

Toll Free: 888-351-6779
Phone: 253-336-3607
Fax: 253-815-8458
Bellevue Office Location
FindLaw Network