Going through a divorce typically means dividing marital assets. For many couples, one of the most expensive and important assets they own is a home. They need to determine how it should be addressed during property division.
Everyone’s situation is unique. Below are three options to consider.
One person keeps the home
One person may decide that they want to keep the house, while the other moves out. This is possible, but since they share ownership, the spouse who wants to keep the home may need to buy the other’s ownership share and refinance the mortgage. An alternative may be to give up other marital assets in exchange for full ownership of the house.
The couple sells the home
If it is not practical for one person to keep the house, a straightforward form of property division is to sell the home. As long as the couple makes more money in the sale than they still owe on the mortgage, they can pay the mortgage off and then split the remaining proceeds.
The couple keeps the home
In rare cases, a couple will decide that they want to continue to own the home jointly for a time, even though they no longer live in it together. For instance, a couple may have children who are in high school. and they do not want to make them move out of the home where they grew up. They agree to keep the house until the children graduate and then sell it.
Exactly which option is right for you will depend on your specific situation. Just make sure that you know the pros and cons of the available options. Having sound legal guidance can help with this and other decisions.