Divorce brings up a whole bunch of questions. One of them being “Who gets the house?” Usually, the house is the couple’s largest asset, it’s also often the asset with the most emotional attachment. After all, this is the place you and your spouse decided that was to be the place where you were going to spend your best days – raising children and making a life together. This can make it impossible to let go and even assign a value to it. The emotional attachment to the house is crucial when negotiating property division. Here are some of the most common ways family homes are settled in a divorce.
Selling the House
If neither party wishes to stay in the house or cannot afford to stay, they should consider putting it up for sale. Selling the house can prove quite difficult, as selling and moving can make things appear finalized and done. However, sometimes it’s easier to have the money from the sale rather than the constant reminder of the struggles from the divorce.
Buyout
A house buyout is when a spouse’s interest for the house is bought out in exchange for cash. This often happens when the primary caregiver for the children wants to stay in the house with the children. Keep in mind, these cases are very intricate and it’s in your best interest to work it out with a negotiator that can help advise you if this is your best option.
Co-Ownership
Rarely, the sale or buyout of the house does not work. In these cases, it’s best to talk to an attorney and consider co-ownership for a certain amount of time. However, this type of agreement needs to be extensive, concise, and in great detail. This option could make things more complicated in the future, as you are committing to becoming “co-owners” with your ex-spouse, in turn, keeping you bonded in responsibility.
If you or a loved one is struggling to find a mutual agreement with their property division negotiations, call an attorney here at Burton Law that can help advise you further and point out the best possible legal process for you and your spouse. This way you can start focusing on transitioning into your new lifestyle. We are well versed in family law with over 50 years of combined experience. Call our offices today to get a free consultation on your case.
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