You have a lot of things to consider as you and your spouse move toward divorce, but one of the biggest is what you’re going to do with the family home you bought together after getting married.
Like many other couples, your home is the largest asset that you own, and you don’t want to make any mistakes. What are your options for fairly disposing of the family home in your divorce? Here are three options to consider carefully:
1. You can sell the house and split the equity
This is, in many ways, the easiest option, and that’s what makes it so popular. Maybe divorce just means it’s time to sell the house, divide up whatever you make on the sale and move on. It can be hard to let go of a dream home, but doing this does get you a fresh start and makes dividing your assets in the divorce a bit simpler.
2. One of you can buy out the other’s share
If you want to keep the home and your spouse does not, you may be able to buy them out. This will leave you the home’s sole owner. Keep in mind that you need to have money or assets with which to buy out your spouse, and obtaining a mortgage on a single income may not be easy. Plus, you may have to get an appraisal from an independent party in order to put a fair value on the property, first.
3. You can keep the family home together
Rarely, couples opt to keep their family home. Some couples do this so that their children can keep living there after divorce. Others do it just so they can sell at a later date when the housing market is more favorable. You just really need to consider whether or not owning a home with your ex is something you want to take on.
Your situation is unique, so the right choice for you may be different than the right choice for someone else. Think about all of your legal options and the goals you have at this time. Dividing up the marital property in a divorce is often complicated, so don’t be afraid to seek some experienced guidance.