Many people in the Dublin area worked hard to be able to purchase a large, beautiful home or a vacation home and real estate is often a couple’s most valuable asset. So, when a couple decides to divorce, what to do with the family home or a vacation home is often a source of conflict. The following are some options on how to handle the family home in a divorce.
Exchange assets in the property division process
Ohio is an equitable distribution state when it comes to property division in a divorce. This means that a couple’s marital assets will be divided based on fairness, even if it does not lead to an exact 50-50 split. However, what may be fair for some is for one party to keep the family home or vacation property, and the other party will receive marital assets of an equal value. This avoids the need to sell the home, which could make negotiations go quicker.
Agree to a buyout
Some couples will decide that a buyout is right for them. This means one party will keep the home and will pay their ex approximately half of the current market value of the home. How much the buyout will be depends on income, financial contributions and earning potential post-divorce. Keep in mind that the party keeping the home will have to be able to afford the expenses of homeownership on a single income post-divorce.
Continue owning the home as co-owners
A more unusual option may be for couples to stay on as co-owners of the home post-divorce. This may be feasible if neither party can afford to keep the home on their own but do not want to immediately sell the home. This option takes a certain amount of cooperation and it ties a couple together even after their divorce is final.
Sell the home
Selling the home in a divorce has the advantages of giving the spouses a clean split from one another and it may provide them with cash needed post-divorce. Selling the home and splitting the proceeds may have tax consequences depending on how long you have owned the home. In addition, a sale price and closing date will have to be agreed on, entailing a certain amount of communication and cooperation.
Assistance with property division in your divorce is available
Whichever of these options you choose, keep in mind that property division and real estate is a legal process with significant consequences, especially in a high-asset divorce. Those in Dublin who are deciding what to do with real estate in their divorce may find value in working with an attorney who can explain their legal rights and options.