One of the biggest assets that some individuals have in their marriage is their home. If they decide to divorce, they will have to determine what to do with that real estate. This isn’t always an easy decision because of the emotions that come with the home. Being able to put those aside and looking at the practical side of the situation might be beneficial.
There are three primary options that you have when you’re trying to decide what to do with the marital home. Many factors come into the picture to determine which is appropriate for your needs, so be sure to consider how these options will impact you now and into the future.
- Both parties keep the home: This will likely only work if you get along with your ex, but it can be useful if you have children. It may come with a plan for one party to eventually buy out the other, such as when the children move out as adults.
- One party keeps the house: The person who keeps the house will buy out the other party’s share of the house. This can be done through a cash payment or via an exchange of property in the property division process.
- Sell the house: This means that the mortgage is paid off, all house-related bills like taxes are paid and anything that’s left is split between the two parties. This is often the easiest way to deal with the home as long as there’s equity in it.
Remember, the marital home is only one part of the property division process. You’ll have other assets and debts to divide, so think carefully about how each option can impact you right now, as well as into the future.