We’re Getting Divorced: What Happens to Our House?

If you are in the process of getting a divorce, you may already be struggling with dividing up possessions and other assets. Your home is not only one of the biggest assets you and your spouse have, but it also the place that you live. Moreover, it may hold sentimental value for you. Therefore, deciding what to do with it after your split can be difficult. However, there are a few options you may want to consider.

It may not financially feasible for you, or your soon-to-be ex, to move out and find a new place to live right away. However, if you are still friends and are able to remain living together as roommates, that may be one option for you to consider. This situation may be particularly attractive if you have children and both wish to remain part of their day-to-day lives.

Many couples choose to have one spouse keep the home and the other to move out and find a new place to live. However, if you both were on the mortgage when you purchased the home this can lead to complications. Therefore, if you are the one staying it may be best for you to buy out the other person and have all the paperwork for the home be in your name solely. It may be useful to obtain an appraisal of the home, according to Realtor.com. That way both parties know that the amount of the buyout is both accurate and equitable.

Finally, if you truly cannot reach a compromise or none of the above options work for your situation, your best bet may be to sell the house and split the profits evenly. How much you will walk away with will depend on the state of the real estate market in your area. However, selling the home may help you avoid any emotional complications while giving you a chance to make a fresh start.

Tags: Divorce

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