Dividing a home during divorce can be a challenging process for any couple. Having some idea of the options for what to do with a home during divorce can help the divorcing couple come to the table with an idea of how they would like to handle property division, including dividing their family home.
There are several different ways to divide the family home during divorce.
Sell the home and share the proceeds
One of the simplest solutions for dividing a home during divorce may also be one of the most emotional decisions divorcing couples make. The decision to sell the home will also require the divorcing couple to each secure housing separately which they should ensure their finances are ready for during divorce.
One spouse buys out the other spouse
Another option for dividing a home during divorce is for the one of the spouses to buy the other spouse out. If one of the spouses wants to keep the home, they may want to buy out the other spouse’s interest in the home. This option will probably require the home to be refinanced so the spouse selling their interest can be removed from the mortgage.
The spouses continue as joint owners
Additionally, another option divorcing couples may consider when dividing a home during the property division and divorce process is for the divorcing couples to continue as joint owners of the property. This will allow one the spouses to remain in the home uninterrupted until a minor child is grown if that is what the divorcing spouses decide they want to do. Divorcing spouses should come to an agreement concerning expenses related to the home if they select this option.
Dividing a family home can be difficult but the family law process provides tools and resources to help guide divorcing couples through the challenging decisions they will need to make once they have made the difficult decision to divorce. Understanding those resources can be helpful for divorcing couples as they navigate the question of what to do with their home.