There are numerous physical assets that a divorcing couple must thoroughly examine and divide at the end of the marriage. From vehicles and homes to a family business and retirement accounts, the couple will have to reach an agreement based not only on the value of the item but also what an equitable split could look like.
Unfortunately, what might initially seem like a straightforward decision can ultimately contain numerous layers of complexity. It is not uncommon for the matrimonial home to require several levels of decision-making to reach a satisfactory resolution. Typically, the divorcing couple will follow one of three options:
- The couple can sell the house and split the profits: This is likely the most common solution to dividing property in a divorce. The divorcing couple will work together to sell the house and then must reach an agreement regarding dividing the proceeds once the remaining debt is paid.
- One party will keep the house: This could entail one individual “buying out” the other individual or one individual being awarded sole ownership based on other elements of the property division, child custody or spousal support determination.
- Both spouses continue to own the home: While the divorcing couple is working to separate one household into two independent futures, they might realize it is a better financial decision to keep the house rather than selling it. The former couple might decide to rent the home and split the proceeds or find a different solution.
No matter the resolution the divorcing couple agrees upon, the property division process can be complex and emotional. It is wise to work with an experienced family law attorney. A trusted legal professional can provide the guidance and answers you need while moving from stage to stage.
