What happens to your house when you divorce in Indiana?

On Behalf of | Aug 9, 2021 | Family Law

Home may be where the heart is, but it is also where you store a lot of your income and personal wealth. When you decide to divorce your spouse, you could potentially lose the place you call home. What usually happens in an Indiana divorce when a couple shares their home as marital property?

The couple can sell the house

For some couples, the best and easiest solution is to sell the marital home. The couple can then split the proceeds of the sale, which can provide a significant nest egg for the future.

One spouse could keep the house and offer equity to the other

The division of property in an Indiana divorce needs to be fair, so having one spouse keep the house outright likely isn’t an appropriate solution. However, refinancing the property and giving some of the accrued equity to the spouse not living there can be a reasonable way to handle your home in a divorce.

Both spouses could agree to joint ownership

Perhaps your house is a work in progress that will need a few more months before it is ready to sell. Maybe you have a child with special needs and you want to try birdnesting, which means the child stays in the home in the parents stay there during their parenting time. You might even want to treat the house as an investment property and rent it out to others. You could agree to share ownership of the home after the divorce and sign a contract about your individual rights as co-owners.

Exploring all the ways to handle property division in your Indiana divorce can help you push for the best possible terms.