Filing for divorce means it’s time to separate your life and assets from your spouse. One item that many couples have questions about when it comes to property division is their house.
Do you know what options you have for the house? If not, it’s important to learn your legal rights, especially if you want to retain ownership of it.
One spouse keeps the home
If you or your spouse want to keep the home, the one who wants “out” can sell their share to the other person. To do this, you must agree on the value of the home and home equity division.
If you want to keep the home, it may be possible to give your spouse other marital assets to retain ownership. This option is like the one above, except you give assets rather than buying your spouse’s share of the property.
Sell the house
If neither you nor your spouse wants to keep the house or if neither of you can afford it, you can list it for sale. Usually, you must work with your spouse and a real estate agent to sell the house and then split the proceeds after all costs are paid.
Co-own the residence
Most couples don’t choose this option; however, it will let you both build more equity in the residence and split expenses. Usually, the couples who choose this option have children and want to use the home until they graduate or move.
Understanding the options for your house in a divorce
If you are planning a divorce, you have several options for your house. You should choose the one that suits your needs and situation. Knowing your legal options will help you make this important decision.