If you’re a homeowner and you get divorced, your home is an asset that needs to be divided. You and your spouse may both have 50% ownership. You have to split that up, along with everything else that you own.
This can become complicated, and it’s important to know what options you have so that you can determine what will be best for your future. Here are three things that you can do with the home during your divorce.
1. Buy your spouse’s half
If you would like to keep your home and your spouse wants to sell it, one solution may be to buy it on your own. Just remember that you would need to refinance the mortgage (if you have one) so that it’s only in your name. Additionally, you would have to give your spouse assets that are equal to the value of half of the home, or you would have to pay them that value to buy it directly.
2. Sell the house entirely
The easiest option, in some ways, is just to sell the house. After all, you’re trying to divide the value of the asset. The simplest way to do this is to turn it into a financial asset and split up that money with your ex.
3. Continue joint ownership
Finally, there are some situations in which couples will decide that the best option is to continue being homeowners even after the divorce. Maybe your children are going to graduate from high school in just a few years, for instance, and you don’t want to make them move. Or maybe you’re going to try a custody solution like birdnesting, where parents share custody by moving in and out of the children’s home. If so, this might be the most viable option — at least for a time.
At The Law Firm of Poppe & Associates, PLLC, our focus is relentless advocacy for our clients. If you or someone you know is considering divorce, reach out to schedule a consultation at 646-665-3903 or by contacting us online.
Let Me Be Your Brave
Mia Poppe, Esq.