The marital home is often one of the biggest assets in a divorce. It’s also one that’s often associated with major emotions. For some individuals, determining how to handle the marital home if they go through a divorce is challenging.
There are a few options available for the marital home. Determining which is best may be possible if both parties can agree.
Sell the home
Selling the home is often chosen because it gives both parties a fresh start. The sale of the home will likely pay off the mortgage. There may also be money left that can be used to pay off some of the marital debts. Having an appraisal done is an important step, and both parties will have to agree on the sale price.
One-party buyout
Another option is that one party can buy out the other. This can involve cash or adjustments to the way other assets and debts are divided. If one party keeps the home, they should be prepared to refinance the home in their name only.
Co-own the home
A third option is to co-own the home. This may be done with a contract that specifies the co-ownership will last until the children are adults, and then the home will be sold or bought out by one party.
It’s critical for anyone going through a divorce to think logically about what to do with the home. Letting emotions rule can lead to people making decisions that aren’t in their best interests. It may be best to work with someone who can assist you with determining how to move forward.
