For most people, the marital home is the most valuable asset they own. If you’re going through a divorce, that home might become a huge point of contention.
Several options are possible for the marital home. You and your spouse can agree on an option. If you can’t, the court will decide for you.
What might happen to the marital home?
As you’re thinking about these options, be sure to realistically consider which ones are viable for you. It’s possible that the cost of the mortgage, insurance, taxes, and maintenance might be too costly on a single income. Be sure to think about how these will affect your budget before you set your mind on one.
- One party buys out the other either with cash or a share of the other assets.
- The house is sold and any profit after the mortgage is paid is split.
- One party remains in the home with the children while both parties split the cost of the home.
If the marital home is bought out by one party, they’ll need to obtain a mortgage in only their name and have the deed changed. These arrangements should be handled as quickly as possible so that the other party is liable for the mortgage, taxes or home in any manner.
Making sure that you handle property division appropriately isn’t always easy. You should have someone on your side who can explain the options and help you to learn how each will impact you. In some cases, a creative solution to property division might be necessary. Trying to figure out what terms are agreeable early in the process may help you as you work toward finalizing the terms of your divorce.