Property division during divorce can be a challenging process. This includes making a decision about what to do with a family home. The family law process can help divorcing couples through the property division process and options for how to divide a family home.
There are several different ways to approach dividing a family home.
One spouse buys out the other spouse
One spouse may wish to buy out the other spouse’s interest in the house and keep the house. To do this, a valuation of the home will need to be done and a buyout price will need to be calculated. It will also likely be necessary to refinance the house to remove the spouse who is being bought out from the mortgage on the home.
The spouses sell the home and divide the proceeds
The spouses may decide to sell the home and split the proceeds of the sale. This can be the simplest solution but will require the spouses to each secure alternate housing once the divorce is complete.
One spouse remains in the home and the spouse continue joint ownership
The spouses may agree for one spouse to remain in the home and continue ownership as joint owners. This option may be preferable if the divorcing couple has minor children and one spouse plans to remain in the home with them. The spouses should come to an agreement as to how expenses related to the home will be shared if they decide to continue as joint owners.
Deciding what to do with the family home can be one of the most difficult parts of the divorce process. For that reason, divorcing couples should be familiar with their options and how the family law process can help them through it.