The property division process can be challenging for any divorcing couple but when it comes to dividing the family home, the process may become especially emotional and difficult. To help prepare for property division and what to do with the family home, divorcing couples should be familiar with the different options for dividing the family home.
Approaches to dividing the family home during divorce
There are generally three approaches to dividing the family home during the property division process.
- The divorcing couple continues as joint owners: For a period of time, divorcing couples may wish to select this option so that one spouse can remain in the house caring for minor children until they are grown. Part of this option will likely include the divorcing couple working out a plan for how household expenses will be shared or assigned.
- One spouse buys out the other spouse: If one spouse wishes to retain the home, they may wish to buy out the other spouse’s interest in the home. Part of this option will likely include refinancing the home to remove the spouse being bought out from the mortgage and an appraisal of the home’s value and calculation of the buyout price.
- The spouses sell the home and share the proceeds: If both spouses agree to sell the home, the simplest method of dividing the family home is to sell it and divide the proceeds after any mortgage and fees are paid. This may delay the property division process until the home is sold.
Divorcing couples may wonder what they can do about the family home during divorce including what their options are so they can decide what is best for them and their family and situation. Familiarity with the different approaches can help divorcing couples decide what they want to do with their home when they divorce.
