Splitting up a family home during divorce can be one of the many challenges divorcing couples face once they have made the difficult decision to divorce. Familiarity with their options for how to divide a home can help guide divorcing couples so they can decide what to do with their home based on what is best for them.
Continue as joint owners of the home
Divorcing couples can decide to continue as joint owners of the home and for one spouse to remain in the home. This is more common if there is a minor child who will remain in the home following the divorce and the parent who will continue to reside there with the child will have custody and care for the child. If this is the option the divorcing couple selects, they will need to work out an agreement to share expenses related to the home.
One spouse buys out the other spouse
One spouse may wish to buy the other spouse out of their interest in the home. This will require a valuation of the home and a buy-out price to be determined. Additionally, the home will likely need to be refinanced to remove the spouse being bought out from the mortgage.
Sell the home and split the proceeds
The divorcing couple may decide to sell the home and divide the proceeds of the sale which can be the simplest option. It will require both spouses to secure alternate housing.
Divorce can be a challenging process but navigating it can be made simpler by understanding the family law tools and resources available to help divorcing couples negotiate those challenges, including property division. Family law resources can help divorcing couples through decisions such as what to do with the family home so they can arrive at the best possible outcome.