Dividing a family home during divorce can be overwhelming. For this reason, it can be helpful for divorcing couples to be able to think about what they would like to do ahead of time which makes it useful to learn in advance about a few different options they may have for dividing up their home during the property division process. The following are some methods of dividing a home during divorce.
Share ownership as joint owners of the home
Divorcing couples can decide that they want to continue to share ownership of the house and to share it as joint owners. Divorcing couples may decide this option is best in circumstances when one the spouses will remain in the home for some period of time to care for minor children from the marriage. It will be important for the divorcing couple to work out how expenses related to home ownership will be shared if they decide on this option.
One spouse buys out the other spouse’s interest in the home
One spouse may want to buy out the interest of the other spouse in the home. If the divorcing couple decides on this option, it will be important to conduct a valuation of the home and may also require that the home be refinanced which the spouses should be prepared for.
Sell the home and divide the proceeds of the sale
Divorcing spouses may decide to sell the family home and divide the proceeds of the sale. If this option is decided upon, both spouses should take into account that each will need to find new housing following the sale of the home.
Though the process can be challenging, divorcing couples have different options to help them through dividing a family home during divorce. By utilizing family law resources, the divorcing couple can work through this and other property division issues associated with their divorce.
