Divorcing spouses have many big and important decisions to make during their divorce related to property division and other divorce-related concerns. Deciding what to do about the family home can be one of the most challenging determinations couples have to face. For that reason, divorcing couples should know all the family law tools and resources at their disposal to help them resolve property division concerns.
One spouse buys out the other
If one spouse wants to keep the home, they have the option of buying the other spouse out of the home. This process will require a valuation of the home to calculate the buy-out price. It will also likely require that the home is refinanced to remove the other spouse from the mortgage.
Sell the home and split the proceeds
If both spouses make the sometimes difficult decision to sell the home and share the proceeds during the property division process, it can be the simplest option. It will require that each of the spouses secures alternate housing which means they will have to take into account their financial situation and ability to secure housing when making the decision to sell the family home.
Continue joint ownership of the home
If the spouses share a minor child, as an example, one spouse may wish to remain in the family home with the child until the child is grown. If the spouses decide to continue as joint owners of the home, they will need to decide how household expenses will be handled and divided moving forward.
Dividing the family home can be a difficult process for divorcing spouses which is why understanding the options available is valuable. The family law process serves as a resource to help guide divorcing couples through the challenges of the divorce process including property division and dividing a home.