Divorce proceedings require a couple to separate their assets. This can be a source of contention between spouses, especially when it comes to deciding who will get the house.
A home is usually a married couple's largest and most valuable asset. It is also an asset with a lot of emotional ties. These factors can cause the awarding of the home to bring property division negotiations to a halt.
There are a few different ways to settle the issue of who gets the house in a divorce. It's up to you and your attorney to determine which makes the most sense for you.
1. Sell the Home
One of the ways to determine who will get the house in a divorce is to decide that no one will get it. Putting the family home up for sale can eliminate a lot of tension during property division negotiations.
Selling the home can be a great option when neither spouse can afford to cover the mortgage alone. The proceeds of the sale will be split evenly between you and your spouse, allowing you both to establish a nest egg that can be used to begin building a new life post-divorce.
2. Complete a Buyout
It is not unusual for the primary caregiver to want to remain in the family home with the children following a divorce. If this applies to your situation, then a buyout might be your best option for determining who will get the house in your divorce.
In a buyout scenario, the spouse moving out of the home agrees to relinquish their interest in the home in exchange for a lump sum of cash. You can also arrange to have the lump sum paid out in timely payments to ease the financial burden of the spouse remaining in the home.
A buyout will minimize the effect of a divorce on the children, making it a viable option.
3. Agree to Co-Ownership
Another arrangement that can be established when determining who will get the house in a divorce is a co-ownership agreement.
A co-ownership arrangement makes you and your spouse business partners for a defined period of time. You both will retain a 50% interest in the family home for a specified period. During this time, all decisions and costs pertaining to the upkeep of the home must be made together.
If you and your spouse are going through an amicable divorce, a co-ownership agreement may be beneficial.
For more information, contact a divorce attorney.
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