Three Ways to Handle Your Marital Home in Your Divorce

Three Ways to Handle Your Marital Home in Your Divorce

Divorce involves many challenging decisions, and one of the most significant is deciding what to do with your marital home. For many, this property represents both financial investment and emotional ties. Understanding your options can ease the process and ensure the best outcome for your situation. Throughout her many years of practicing family law, our lead attorney at SAM LAW OFFICE, LLC has identified three primary approaches to handling your home during a divorce. In this post, we will explore these options to help you determine which one suits your needs best.

Sell the Home and Divide the Profits

Selling your marital home during a divorce is often the most straightforward approach. This option involves putting your house on the market, selling it for fair market value, and dividing the proceeds between you and your ex-spouse. While this may seem like a simple solution, there are some considerations to keep in mind.

First, home selling can take time, especially in a slow real estate market. This means that both parties must continue paying mortgage payments, property taxes, and maintenance costs until the sale is finalized. It’s essential to consider these ongoing expenses when determining whether selling your home is feasible.

Secondly, when dividing the profits of the sale, it’s crucial to consider any outstanding mortgage on the property and any other debts that may need to be paid off. This can affect how much each party receives from the sale of the home.

Lastly, selling your home means that you will no longer have a shared asset with your ex-spouse. For some, this may be a relief, while for others, it can bring up feelings of sadness or loss. It’s essential to prepare yourself emotionally for this change and seek support if needed.

One Person Keeps the Home

Another option is for one spouse to keep the marital home after the divorce. In this scenario, one party buys out their ex-spouse’s share of the property, typically using their portion of other assets from the divorce settlement. This approach can be beneficial for couples who have children and want to maintain stability for them by staying in the family home.

However, it’s crucial to think hard about the financial implications of this option. The buying spouse must have enough income or assets to cover the mortgage payments, property taxes, and maintenance costs on their own. They may also need to refinance the mortgage in their name alone.

Additionally, the selling spouse must agree to give up their share of the marital home and any potential profits from a future sale. It’s essential to negotiate a fair buyout amount that takes into account both parties’ contributions towards purchasing and maintaining the home.

Co-Own the Home

The final option for handling your marital home in a divorce is to co-own it. This arrangement works best for couples who have an amicable relationship and can communicate effectively about financial and maintenance responsibilities.

Co-owning allows both parties to continue living in the house and sharing expenses until they decide to either sell or buy out the other’s share. It can also provide stability for children who may remain living in the family home.

However, this option requires high cooperation and compromise from both parties. It’s crucial to have clear guidelines and agreements in place regarding mortgage payments, property taxes, repairs, and other ongoing expenses. It’s also essential to have a plan in case one party wants to sell their share of the property in the future.

Your Future Starts Here

Navigating decisions about your marital home during a divorce can be challenging, but it is manageable with informed choices. Whether you opt to sell, buy out your partner, or continue co-owning the property, remember that there are no wrong choices—only the decision that works best for you.

If you’re navigating a divorce and need guidance on handling your marital home, consider reaching out to SAM LAW OFFICE, LLC. Our experienced legal team offers personalized support to help you make the best decision for your future. Contact us today for a consultation to discuss your options and create a plan that works for you.