Who Gets The House In A Divorce?
The number one most common question when it comes to divorce is “who gets the house?” Not only is this often the largest asset that a couple jointly owns, but it is also the one with the most emotional attachment. Couples will spend months and years finding the perfect house to raise their children in and often decide that it is where they will grow old together. So it makes complete sense that the question would be raised about who keeps it. Due to the attachment, it is also often difficult to put a price on it. So we are going to discuss some different ways that this property division can be done.
Sometimes, You Have To Sell
When it comes to breaking emotional bonds, selling the home is often a great way of doing it. If no one wants to stay in the house, or cannot afford to by themselves, then it can be listed on the market. Having the house sold can bring emotional closure to the end of the relationship. And having money from the sale is often better than maintaining the asset itself.
Buy Out The Other Party
In some cases, someone will want to stay in the house. Perhaps for the children’s sake as far as location to school , family, and friends. A contract can be drawn up to buy out the other party’s interest in the home. This can come in the form of cash now or in the future if there is a sale. There are a lot of details involved in buyouts, so you will want to make sure that you cover all of the bases in your divorce paperwork.
You Can Both Co-Own The House
If you don’t want to sell, and you cannot workout a buyout, then co-ownership may be the way to go. This works sort of like a business arrangement with the property for a certain length of time. Although, you will still have to maintain a different type of relationship with your spouse.
Call Keri Palacios
If you have property divisions in your divorce and are looking for the best way to complete them, call the office of Keri Palacios. Our family attorneys can help you get through your divorce and go over all of your options when dividing or liquidating your assets. Send us a message today to schedule a consultation.