When a couple decides to divorce, they have many other important, and sometimes difficult, decisions to make. One of those is what to do with their family home during the divorce process. It is helpful for them to be familiar with the different options available to them for what they can do with the family home during divorce.
Divorcing couples have to divide many different types of property, including, in some circumstances, a family home. There are several different ways they may wish to approach division of a home during the property division process.
Sell the home and split the proceeds
The simplest way to divide the home is to sell it and split the proceeds after the mortgage has been paid and any taxes or other expenses related to the sale have been paid.
One spouse keeps the home and refinances it
The reason that the home will need to be refinanced if one spouse decides to keep the home is to remove the other spouses, who will no longer have an ownership interest in the home following the divorce, from the existing mortgage.
Both spouses temporarily keep the home
If the couple decides that one of them should remain in the home for a period of time with minor children, or that they cannot afford to live separately right away or it is not a good time to sell the house, they may decide to hang on to the home for a period of time but should have an agreement concerning the long-term plans for the home.
There may not be an ideal method for the divorcing couple to split the equity they share in a home but there are several different options they can consider. With that information, they can decide which option is best for them to split the home.