Your marital home is likely one of your biggest assets, so it’s no surprise that a battle over it might ensue if you divorce. This is especially true if one party is emotionally attached to the home.
There are a few options you should consider for the home. You and your ex will have to work together to determine which of these is best for your divorce. Here are the three most common choices:
1. Sell the home and split the proceeds
Many people opt to sell their homes. You and your ex would likely split whatever is left after the mortgage is paid off. You must ensure that you have an accurate appraisal of the property. Both adults should agree on the offer that’s ultimately accepted.
2. One spouse buys out the other
One party can buy out the other party’s share of the home. This can be done in cash or through some shifting of other assets that are part of the property division. An accurate appraisal is necessary to ensure both parties receive a fair deal if this is how the marital home is handled.
3. Delay the sale until later
Some people opt to delay the sale of the marital home until their children are adults. This enables the parent with primary custody to remain in the home with them. The kids won’t have as big of a transition during the divorce because they don’t have to move from the home they know.
Remember, the home is only one part of what you’ll have to handle when you’re going through property division. Working with someone familiar with your case provides you with the assistance you need to make the best decision for you.