If you are divorcing and own a home with your spouse, you will need to determine what will happen to it. It’s probably worth a considerable amount. Therefore, it can be a big piece in the property division puzzle.
Here are some common options.
Sell it and move on
If you and your spouse sell the home, then you will have a sum of money left after canceling any mortgage. You can then factor this money into the overall division of assets. The amount is definite, unlike if you don’t sell the home and are left with an asset that could rise or fall in value and may be hard to value in the first place.
One of you keeps it
Maybe you really want the home, and your spouse is fine with working out a deal where you buy out their share. If so, then you need to consider how keeping it will affect the balance of the division of other assets. Such a valuable asset may mean sacrificing a lot of other assets to your spouse. You will also need to be sure you can afford the upkeep and other expenses.
You hold onto it together
Some couples hold onto a home together, usually for a short while, but some for much longer. Reasons could include waiting for the market to rise before selling or waiting until the children finish at the local school, with one parent living in the home with them until then. Clearly any continued joint ownership needs to be carefully considered when you are otherwise separating your lives.
With so much at stake, it is important to make considered decisions when dividing property in a divorce. Having experienced legal guidance will help you learn more about the process and your rights and options.
