One of the largest assets that many people have is their home. When you go through a divorce, this one asset might be a primary source of contention. Each party might want to keep the home, but that’s usually not the best option.
There might not be a decision that has to be made about the home if the issue is covered in a prenuptial or postnuptial agreement. If you have one of these, make sure that you review it carefully before you consider other options.
Two options for the marital home
Most people have two choices when it comes to their homes during a divorce: They either have to sell the home or one party needs to buy the other out. Selling the home is sometimes the preferred option because any profit that’s made after the mortgage is paid off can pay some of the marital debts. One spouse buying the other out can be done by either a cash payment or by trading other things in the property division settlement.
While it isn’t common, some exes keep the home and either rent it out or one party lives there with the children. If one of these solutions is utilized, agreements about how expenses for the home should be in place. If the property is going to produce an income, the division of that income must be put into an agreement.
The property division process is only one part of divorce. If you have children, you’ll also have to think about custody matters. Working with someone who understands your situation can help you to learn your options and how they will impact you.
