More than likely, your marital home is the largest asset you and your ex own. When you make the decision to divorce, you have to determine what’s going to happen with that asset, as well as the others you own.
It can be difficult to decide the fate of the house. Here are several options to consider:
One party keeps the house
One person may keep the home by buying out the other party’s share of it. This might be done with cash or assets that are part of the divorce settlement.
Both parties keep the house
You and your ex may continue to own the home together. This is becoming common for parents who still have children at home. Both adults split the costs associated with the house. They can either use bird’s nest parenting, which means the adults rotate in and out of the home, based on who’s parenting it is. Alternatively, one parent can live in the home with the kids. Typically, the home is sold when the children are all grown.
Sell the house
You and your ex may decide to sell the house. In this case, you could use any profit from the sale to pay off other debts and then split what’s left from the sale of the house. If the house sells for less than what you owe, both parties will have to split what’s due.
Learning about the options you have for the property division aspect of your divorce is important. You need to ensure that you’re fighting for what you can afford to keep. Working with someone who can fight for you to get the divorce settlement you need is critical so you can focus on other aspects of the divorce.