Property division is an important part of the divorce process and can also be challenging for many divorcing couples. One of the many challenges divorcing couples can face is what to do to divide a home during the divorce process.
Sell the home and divide the proceeds
One option for dividing a home is for the divorcing couple to sell the home and share the proceeds of the sale. It is important for the divorcing spouses to keep in mind that if they elect this option, they will each need to secure alternate housing so they need to ensure they are each financially secure enough to do so.
One spouse buys out the other spouse
Another option for dividing a home is for the divorcing couple to buy out the other spouse and keep the family home. This option requires that the buy-out price of the home is conducted and a valuation is done. It is also likely the home will need to be re-financed to remove the other spouse from the mortgage.
The spouses continue in joint ownership of the home
Another option for dividing the home is for the divorcing couple to maintain joint ownership of the home. This allows one spouse to remain in the home until a minor child is grown. The divorcing couple should negotiate and agreement for household-related expenses if they select this option.
Property division can sometimes feel overwhelming during the divorce process when divorcing couples have so many emotional and difficult decisions to make. Dividing a family home can be one of those emotional and difficult decisions. For that reason, it is helpful for divorcing spouses to be familiar with the different options to help them decide what to do with the home and what is best for them.