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What should you do with your family home during divorce?

On Behalf of | Jan 13, 2025 | Divorce |

What to do with the family home is one of the top questions divorcing spouses have. You and your soon-to-be ex-spouse may be looking for an option that works for your case and one that generally can benefit your divorce experience. 

Here are three options to consider:

1. Co-own the house

You and your spouse could continue co-owning the house. One reason to consider this is if you have children and would like them to remain in the family home. Another is if there are significant financial benefits to it, such as when selling the house immediately would lead to major financial losses.

Note that if you remain co-owners of the house, you will need to communicate about payments, repairs and maintenance. It’s wise to draft a legal agreement that clearly defines the ownership percentages, financial responsibilities, decision-making processes, buy-out options, plans for selling the house and dispute resolution strategies. 

2. Sell the house and divide the proceeds

Another option is selling the house and splitting the profits. This way, you can start new lives earlier. With this option, you need to be well-informed about the real estate factors it will involve. You need to agree on a real estate agent, work with other professionals, maintain the house while it’s listed and understand all the costs involved in the transaction.

3. One of you buys the other one out

If one of you wants to remain in the family home, they could buy the other one out. You will follow the process of selling the house as in the previously discussed option, but now, the spouse remaining in the family home will pay the other their share of the equity.

You and your spouse have several options when it comes to your family home during divorce. Learn more about this and other divorce-related subjects to make informed decisions. 

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