The marital home is often one of the most difficult assets to handle when you’re going through a divorce. This is typically because of the financial implications of the home, as well as the emotional ties to it.
As you’re going through the property division process, you have to understand the options that you have. You and your ex may be able to determine the option that works for your situation.
Sell the home
Selling the home is one of the more common options for people going through a divorce. This allows both parties to have a fresh financial start after the divorce. If there’s a mortgage on the home and you sell it for more than the balance, paying off the home is possible. From there, you and your ex could pay off other debts and then split anything that’s left once that’s done.
One party buys out the other party
Another option is that either you or your ex buys the other party’s share of equity in the home. This might be done by shifting other assets or through a cash transfer. In most cases, the mortgage will have to be refinanced in the name of the party who is keeping the home.
Co-own the home
Co-owning the home is another possibility, particularly if there are children who would continue to live in the home. This might also be possible if the home might be used as an income property.
Regardless of which option is used, you must ensure that your interests are protected. Working with someone who can assist with getting necessary documents in place is one option you have for this.