Different options are available to help guide divorcing couples through the process of dividing a family home. Because property division in general, and dividing a family home in particular, can be a challenging topic, it is useful to be familiar with the different options divorcing couples can consider when deciding what to do with the family home during their divorce.
Sell the home and divide the proceeds
One of the simplest methods of dividing a home during divorce is for the divorcing couple to sell the home and split the proceeds. This option can be emotionally difficult in some circumstances and both spouses should keep in mind that they will need to secure alternate living arrangements following the sale of the home.
Buy out by one spouse of the other
One spouse may wish to buy out the other’s interest in the home and keep the home. This option will likely require the home to be refinanced so the divorcing spouses should consider their overall financial picture and circumstances if they decide on this option.
Joint ownership of the home
The divorcing couple may decide to maintain joint ownership of the home moving forward. If the divorcing couple selects this option, they should consider an agreement concerning payment of household-related expenses and who will maintain those moving forward. This option is sometimes agreed upon until minor children remaining in the home with one spouse are grown.
Knowing some of the ways that a family home may be divided during the divorce process can help divorcing couples decide which option is best for them and their family. The family law process provides a variety of different resources to help guide divorcing couples through all of their property division concerns, including dividing the family home.