Property division can be a challenge for any divorcing couple. When that involves dividing a family home it can be especially challenging. There are different options for dividing a family home based on the needs and preferences of the divorcing couple. They should make sure to take a look at what those options are.
Sell home and share proceeds
One option for dividing a family home is to sell the home and split the proceeds of the sale. This option may have tax implications the divorcing couple should consider. In addition, it will leave them both without a home so they will need to ensure they can both also secure alternate housing.
One spouse buys out the other spouse
Another option for dividing a family home during the divorce process is for one spouse to buy out the other spouse and retain ownership of the home and remain in the home. This option will likely require the home to be refinanced to remove the spouse whose interest is being bought out from the mortgage.
The spouses own the home as joint owners
A final option for divorcing spouses to consider is to continue to own the home as joint owners. This option might appeal to a divorcing couple with minor children still in the home if one parent wishes to remain in the home until they are grown. The divorcing couple will need an agreement to address how household-related expenses will be shared if they decide to continue as joint owners.
Property division requires divorcing couples to make a number of difficult decisions related to dividing a home, cars, other real estate and personal property. Understanding the different options for dividing a family home can be helpful for divorcing couples to consider.