The division of property can be one of the most time-consuming and stressful parts of the divorce process. This is especially true with assets that carry a lot of emotional weight and sentimentality, like the family home.
The division of property
When people divorce, the goal is to divide their assets and debts equally. For most couples, the home they live in is their biggest asset. Figuring out who gets the house can be one of the most important decisions in the divorce. There are several common approaches to this decision.
Ways to divide the family home
Some couples consider the value of the house monetarily. If the home’s value has gone up during the marriage, it may make sense to sell it and split the proceeds. If it’s lost value, it may make more sense to hold onto the house as joint owners and wait for the market to improve. Of course, money isn’t the most important thing to every homeowner.
For some families, a big consideration is keeping the kids in the same home and school district. In that case, it may be best for the custodial parent to keep the house and live there with the children. This may be seen in more amicable divorces.
One of the most common ways that people handle the issue of the house is to have one person buy the other out. In some cases, one spouse may also offer the house in exchange for keeping a different asset. For example, one spouse may keep their full retirement in account in exchange for not pursuing the house.
Regardless of how a couple decides to handle property division, they will each need separate legal counsel. This helps ensure that negotiations are as fair as possible.