Your marital home is likely one of the most expensive assets you own. It’s also probably one of the most sentimental assets. If you’re going through a divorce, those two factors can often play a major role in the property division process.
Regardless of what’s going to be done with the marital home, there are a few things to think about. For example, you need to have the home appraised to determine what the fair market value is. This should be done by someone who’s a neutral party without ties to you or your ex. From there, you and your ex can determine what to do with the home.
Sell the home
Selling the home enables both parties to start fresh. The balance of the mortgage and all other expenses that are due for the home must be paid first. Once that’s done, you and your ex can split any profit remaining.
Buyout
One party may opt to buy out the other party’s portion of the home’s equity. This can be done through cash or a transfer of assets. Whichever person is keeping the home will need to obtain a mortgage in their own name.
Co-ownership
You and your ex may decide to continue owning the home together so one person can raise the kids there or as a rental home. This requires a comprehensive agreement about how every aspect of the co-ownership will occur.
One of the most important things for you to remember as you go through this is that you must think logically. You can’t try to keep a home that you can’t afford on your own simply because of the memories you have in it. Working with someone familiar with property division may be beneficial since they can help you to determine what options are the most responsible for your circumstances.