Many divorcing couples preparing for the property division process may wonder what they should do with their family home and what options they have. There are several different options for handling a home during the divorce process and as part of prioritizing their property division interests, divorcing couples should also prepare by understanding the different options to handle division of their home.
Determining what to do with a family home during divorce can be a difficult decision. The family law process provides tools to help guide divorcing couples through all of the property division process, including addressing a family home. Following are some options to consider for dividing the family home.
Selling the home and splitting the proceeds
The divorcing couple may decide that the best option is to sell the family home and split the proceeds of the sale as part of the property division process. When deciding to sell, the divorcing couple should take into account that each will need to secure alternate living arrangements.
One spouse buys the other spouse out
The divorcing couple may decide that the best option is for one spouse to keep the home. If one spouse wishes to keep the home, and buy the other spouse out, the home will need to be valued and it is likely it will also need to be refinanced.
Spouses own the home as joint owners
The divorcing couple may decide that the best option is for them to continue as joint owners of the home. This is usually done during a period of time while one spouse remains in the home to care for minor children until they are grown. The divorcing couple will need to decide who will pay for what concerning expenses related to the home if they decide on a joint ownership.
Make an informed decision
Navigating the property division process can be one of the many challenges facing divorcing couples during their divorce. Knowing how assets with significant emotions attached to them, which can include a family home but may not be limited to a home, might be handled during divorce can be helpful for divorcing spouses to be familiar with.