When you decide to divorce, you will have to navigate various changes that could affect different parts of your life. You know that you will have to make financial adjustments, and you may have to adapt to a parenting schedule where your children go between homes. You may also have to move, and deciding what will happen to the family home will be one of the most important decisions that you will make during a divorce. It is critical that you understand all of the options available to you.
When you understand all of the ways that you can handle the family home in your divorce, you can make decisions that will allow you to move forward with confidence. While you may have a strong emotional attachment to this asset, keeping the home may not be in your best interests. When making these types of important choices, you will benefit from removing emotions from the equation.
Options for real estate in divorce
Dealing with real estate in a divorce can be complex, especially if the two parties are at odds over what should happen to the home. There are several ways to deal with the family home in a divorce, and the right option depends on the details of the individual situation, your goals for the future and more. Some of the options you have available to you include the following:
- Transfer title and refinance — It is possible to transfer the title to one spouse’s name after he or she buys the other out. Then, the single owner will refinance the mortgage in his or her name.
- Sell the home and divide proceeds — One of the simplest and most direct ways to deal with the home is to simply sell the property and divide the proceeds of the sale between the spouses.
- Share the home — Some couples decide that they want to continue to share the home. This may be for financial reasons, or it may be for the benefit of the kids. Some couples live together, while others rotate who is in the home.
It is important to remove emotions from your considerations about what to do with the family home. Temporary feelings are rarely good indicators of what will truly be best long-term, and you may benefit from having the assistance of a knowledgeable professional who can provide insight and guidance when making such important decisions.
