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.