During divorce, divorcing couples may ask what they should do about their family home during the property division process. There are several options for dividing the family home. Some answers can help them with options so they can decide which one is best for them and their situation.
Continue as joint owners
The divorcing couple can continue as joint owners of the home. This option is sometimes selected to allow one of the spouses to remain in the home to care for a minor child. Divorcing spouses to work out an agreement for household-related expenses if they decide to continue as joint owners of the home following the divorce.
Sell the home and divide the proceeds
The divorcing couple also has the option to sell the family home and share the proceeds from the sale. Both divorcing spouses will need to be prepared to secure alternate housing if they decide on this option to sell the family home.
One spouse buys out the other spouse
One spouse wishing to keep the family home can buy out the other spouse. This option will likely require the divorcing couple to re-finance the house so that the spouse who is being bought out is removed from the mortgage. A buy out price for the home will also have to be determined.
Property division can be a challenging process but understanding property division options, including what to do with a family home, can be valuable information for divorcing couples to have. It can help them plan for the challenges they will face so they can make the best decisions possible during the property division process.