What happens to your home in a divorce?
One of the most important assets that will have to be divided in most households is the family home. Here are 3 ways to handle your home in a divorce.
1. Sell your home and split the profits
You can sell your home and split the profits with your spouse. Parties usually choose this option when neither spouse wants the home or neither spouse can afford the home on their own. This would take place prior to the divorce being finalized.
2. Buyout your spouse’s interest in the home
Oftentimes, the primary caregiver will want to keep the home because they like the home or because the children like the home. Perhaps they do not want to uproot their children’s lives. One spouse can buyout the other spouse. The buyout can be handled through future cash payments, pulled from a retirement account, or be offset by awarding the other spouse an asset equal to his or her interest in the home.
3. Co-own the home
Perhaps neither selling the home nor a buyout makes sense. You can make arrangements to co-own the home. In fact, I have had clients who kept the home for their children and they each had their own separate living arrangements. When it was their time to have the children, they would stay in the home. Thus, the children always stayed in the home and did not have to move around.
DISCLAIMER: The following information found on www.nextwithlena.com is provided for general informational purposes only. It may not reflect the current law in your jurisdiction. No information contained on this website should be construed as legal advice or the creation of an attorney-client relationship. This information is not intended to be a substitute for legal representation by an attorney.
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