If you’re getting divorced, your family home may very well be the most expensive asset that you have. It’s very important to know what you can do with this home and how to divide it – or at least split up the value – along with your other assets.
If you have children, that can make this decision a bit more complicated. But even married couples who don’t have children to factor into the equation need to understand what options they have for the home. Here are three:
1. Sell your house and divide the money
The fastest and easiest way to address this is to sell the house and divide the money that you earn after the buyer closes. If the market is good, you may have a lot of equity in that house and this can provide both you and your ex with a little income as you come out the other side of the divorce.
2. Keep the house yourself
You may want to keep the house, and you can do this by either giving your spouse other assets or buying out their share financially. You may have to get a new mortgage, for instance, so you can purchase your spouse’s half of the home.
3. Sell your portion
Of course, you may just want to be done with this and your spouse may be more interested in keeping the home than you ever were. You can agree to sell your share. Just make sure that you know what the market value for the home is so that you still get the same amount as you would if you sold the house to a third party and split up the money that you earned.
As you work your way through the divorce, take the time to look into all of your legal options. That’s the best way to protect your financial future.