3 options for the home during divorce

On Behalf of | Sep 19, 2023 | Divorce

The division of assets during a divorce can certainly get complicated, but some assets are easier to divide than others. For example, a couple that has to split up a bank account may find this relatively simple compared to trying to determine what to do with their home.

Fortunately, there are many different options for a family home during divorce. Here are three of the main ones that people use.

Buying out their spouse

First and foremost, if one person wants to keep the home and the other does not, they can often buy out their spouse’s share. They may take out a new mortgage in order to do this. They may also end up bartering with other assets that they own, agreeing to give those up in exchange for ownership of the house.

Selling the house entirely

Next, many couples will just sell their house. They bought it as a family home, but they both want to move on. Additionally, it’s easier to divide the money that they receive in the sale than a physical asset. Selling makes things relatively straightforward.

Keeping the home together

Finally, some couples will decide to be co-owners, and they will keep their home even after the divorce. They may do this if they want to sell at a later date — for example, when they think the real estate market will be in their favor. They may want to keep the home so their children can continue living in it until they graduate from high school.

These are the three main options to consider, but everyone’s situation is unique. Those who are going through a divorce need to know exactly what legal steps to take.