You may have worked hard to rise through the ranks in your chosen profession in the Fairfax area, and your financial success has allowed you to purchase a large, beautiful home for your family as well as a vacation home elsewhere in Virginia. However, many professionals find that the stress of their job sometimes trickles down into their marriage. For some of these people getting a divorce is a better option than staying in an unhappy union. When this happens, they will need to decide how to divide their multiple homes. The following is an overview of some options worth considering if you are dividing real estate in a divorce.
Option one: one spouse keeps the home
If one spouse is going to keep the home, they can refinance the mortgage in their own name, and buy out their ex’s share in the property. If you have a high income this may be a viable option. Keep in mind that if your ex’s name stays on the deed you are both responsible for mortgage payments even if only one spouse is staying in the home. Your ex can sign a quitclaim deed relinquishing their claim to the home, but a quitclaim deed does not remove a party’s name from the mortgage.
Option two: both spouses sell the home
Sometimes neither spouse wants to keep the home. It may be a place of unhappy memories, or they may simply want a clean break as they move forward post-divorce. These people may find that they want to sell the home and divide the proceeds.
Option three: both spouses keep the home
Sometimes both spouses are attached to the family home and get along well enough that they can live together in it for the short-term. If a couple has multiple homes, it may be the case that they will both continue co-own the properties, but one party will live in one home and the other party will live in the second home. Co-owning residential properties generally only works if a couple is on good terms with one another despite their divorce.
Learn more about property division in Virginia
No matter what option you choose for dividing the family home in a divorce it is important to keep in mind that property division in a high-asset divorce is very complex. This post is for educational purposes only and does not contain legal advice. Our firm’s webpage on property division may be of interest to those who want to learn more about this topic.