When a Dublin area couple gets married they often believe their marriage is destined for eternity. Unfortunately, life gets in the way sometimes and a couple instead heads for divorce court. For high-asset couples, the divorce process is usually long and complicated. Asset division is one of the most challenging parts and the family home can be a contentious issue.
There are several options that a high-asset couple can choose in what to do with the family home in a divorce. The family home is often worth quite a bit of money as well as full of years of memories.
- Sell the home. Many couples choose to sell the family home, split the profit, and move on with their lives.
- Divide large assets. Most high-asset couples have more than one large asset. It can make sense to divide the larger assets with each spouse taking ownership of assets worth the same amount. These may include the family home, vacation home, stock portfolio, etc.
- Buy out the other party. A spouse may choose to buy out the other spouse’s share of the family home. In this case the spouse will buy out the other person’s share of the home and refinance the home in their name only.
- Co-own the family home. Some couples choose to continue to co-own the home for a certain period of time, such as the graduation of their kids from high school. This can allow for the children to have less disruption to their lives and the couple can sell the home and split the proceeds at a later date.
A divorce can be one of the hardest times of a person’s life. It is important that someone who is going through a divorce have a legal professional who is skilled in high-asset divorce on their side. An attorney understands how difficult a situation is for their client and how important it is for their client to have representation during the process. They will help their client understand their options throughout the divorce and make sure their best interests are protected both now and into the future.0020
