What happens to the family home in a divorce?

On Behalf of | Nov 15, 2021 | Divorce

When a Salem couple decides to get a divorce, it is often a difficult time. Besides the emotional roller coaster a person may go through, the logistics of a divorce agreement are also complicated. One of the more contentious issues of a divorce can be the property division questions. When it comes to the family home, there can several options.

The family home is often one of the larger assets a couple owns together. It can also be a place full of memories and where the children feel most comfortable. There are options for couples when it comes to deciding what to do with the family home in a divorce. These include:

  1. Sell the home. Most couples choose to sell the family home and split the proceeds equally. A couple would need to decide on what improvements should be made to the house before it is put on the market and what the listing price should be.
  2. Buy out the other property. One spouse may decide they would like to keep the family home, so they buy out the other spouse’s share of the home. The spouse would then need to refinance the home in their own name.
  3. Co-own the home. Divorcing couples may choose to keep the home for a certain amount of time, such as when their kids graduate from high school. If a couple chooses this option they will need to discuss how the mortgage will be paid, when it will be eventually sold and who will receive the profits at that time.
  4. Divide large assets. Couples who own multiple large assets such as a vacation home, family home, large stock portfolio, etc. may choose to divvy up the assets with each person taking ownership of assets worth roughly the same amount.

A legal professional who is skilled in divorce can help a person through the divorce process. They can help guide their decisions and make sure they are protected both now and after the divorce is finalized.