Dividing the family home can be an understandably difficult and touchy subject for divorcing couples. It can be helpful for them to prepare for that aspect of the property division process during their divorce by understanding the different options that may be available to them to address the family home.
What to do with a family home during divorce
There are several different options to consider for dividing a family home during divorce including:
- Sell the home and split the proceeds – this may be an emotional option for divorcing couples to consider but one option is to sell the home and divide the proceeds of the sale. This option will, of course, require both spouses to secure alternate living arrangements which may implicate their financial situations.
- One spouse buys out the other spouse – one spouse may want to hang on to the house while the other spouse does not want to. In those circumstances, an option to consider is for the spouse interested in keeping the home to buy out the other spouse. The home will need to be valued to calculate the buyout price and this option will likely require the home to be refinanced.
- Spouses continue joint ownership of the house – in many circumstances, one spouse may wish to remain in the family home until minor children are grown. Another option is for the spouses to continue joint ownership of the house until that time but they should make sure to work out an agreement concerning house-related expenses and how those will be shared following the divorce.
You may want to seek professional guidance
The property division process generally, and deciding what to do with the family home specifically, can be challenging for divorcing couples during a time that is highly emotional and difficult to begin with. Having some options to consider for how to handle it may help divorcing couples better approach and resolve the question of what to do with the family home during divorce.