How is the Family Home Divided During Divorce?
Divorce is one of the most emotional experiences you will ever go through. While coming to terms with the fact that your marriage is over, you will also have to make decisions that will impact your future for years to come. Of all the terms of divorce, property division is always one of the most contentious. Disputes can arise when dividing marital property, particularly when an asset holds as much real and sentimental value, like the family home.
You have many options when dividing the family home during divorce. The decision you make will depend entirely on the facts of your case. Below, our Brandon property division attorney explains the three main ways to divide the home.
Selling the Family Home
Sometimes, selling the home is the best and easiest option. This does not mean the process is always straightforward, however. You and your spouse may agree to sell the home, or a judge may order the sale. Either way, you have to first obtain a comparative market analysis to determine the value of the home. Real estate agents can often provide you with an analysis or your lawyer may advise on other ways to evaluate the value of the home accurately.
Once you have obtained an accurate value of the home, you can then sell it. This process alone can be stressful and complex. After the home is divided, you and your spouse will divide the proceeds in a fair manner, which may not mean equally.
Buying Out Your Spouse’s Share
If you are very eager to keep the home, you may choose to buy your spouse out of their fair share. To do this, you will still have to obtain a comparative market analysis to determine the value of the home. After learning the value of the home, you can then determine how much it will cost to buy your spouse out of their share.
Keeping the family home and buying your spouse out of their fair share is something to give serious consideration to. You must determine if you can afford the mortgage payments, property taxes, insurance, and general maintenance. If you decide you can afford to keep the home, you then need to refinance it so the home is in your name alone.
Co-Own the Home with Your Spouse
When spouses co-own the home after divorce, they often rent it out and divide the proceeds in the same way as you would if you sold the home. If one of you wants to continue living in the home while you both own it, you should draft a written agreement outlining which party will be responsible for paying household expenses. This is a rarer option that is usually used by couples who have children together and the kids will remain in the home post-divorce.
Our Property Division Attorney in Brandon Can Help Determine the Option Right for You
There are many difficult decisions to make during divorce, including how to divide the family home. At Koether Law, P.A., our Brandon property division attorney can review the facts of your case and help you determine which option is right for you. Call us now at 813-347-8193 or contact us online to request a consultation and to obtain the legal help you need.