Dividing the Family Home During Divorce
Posted on Jul 11, 2017 8:40pm PDT
When couples divorce, one of the biggest challenges is deciding what to
do with the family home. Real estate is perhaps one of the most valuable
assets for a family as well as one that holds countless memories of your
family. It can be a sensitive issue for divorcing couples because it is
often difficult to assign a value on something with so much emotional
and financial value. It comes as no surprise that
property division discussions can become complicated and sometimes very messy.
During a divorce, couples have several options for the family home:
-
Sell the house - Selling the house can provide couples with a quick and easy way to resolve
the home issue - as well as give couples an opportunity for a clean slate.
If you choose this option, make sure that the proceeds of the home are
divided fairly between you and your spouse.
-
Buy out the other person’s share - This is when one person decides to release the house to the other in
exchange for the cash value of their share. The person who ends up with
sole ownership of the home should remember to modify deeds and mortgage
paperwork to remove the other person’s name and rights to the home.
-
Co-own the house - Parties can choose to continue joint ownership of the house for a specified
period if the above decisions are not feasible. This is a common scenario
if you want the kids to remain in the home and if it doesn’t make
financial sense to sell or negotiate a buyout.
Ideally, parties would want to work out an agreement between themselves
in a civil and amicable manner. Consider going through mediation to sort
out disagreements over the home and other marital assets. If there is
an ongoing dispute on how to divide the house, parties may end up having
to go to court and having a judge decide for them.
Protecting Your Financial Rights During Divorce
If you are divorcing and need guidance on what to do with your marital
estate, turn to the team of Fresno divorce lawyers at Arnold Law Group,
APC. We devote our time and energy into learning the unique details of
your divorce and finding creative solutions that make sense for both parties.
Schedule a consultation to discuss your divorce case.