There are many difficult decisions that must be made during the divorce process including property division and part of that process may be deciding who gets the family home. For divorcing couples this is an understandably serious concern they should be prepared for.
Ways to divide a family home
There are different options for dividing a family home that divorcing couples can consider. The divorcing couple will need to divide the equity they have in the home. There are several different decisions they can make about what to do about their home.
The first option is to sell the house and share the proceeds from the sale of the house after any outstanding mortgage and any other fees are paid. This can be the simplest method of dividing the home but can also cause delays if the divorcing couple has to wait for the home to sell. The second option is if one spouse wants to keep the home. The spouse keeping the home will need to refinance it to remove the other spouse from the mortgage and will also need to buy out that spouse’s interest.
On a temporary basis, the third option is for both spouses to keep the home. This can be decided upon if one spouse will stay in the home until minor children are grown for instance. This option may also be agreed upon if both spouses cannot afford separate homes. Whatever reasons the divorcing couple has to decide on the best option for them, it is helpful for them to be familiar with what the different options are so they can decide what works for them as they navigate property division.