Dividing assets during a divorce can sometimes become complicated. There are assets that make things a bit easier, such as financial accounts. They can just be split between two people.
But what do you do with something tangible, like a house? How do you address that during property division? Here are three options.
Continue owning the home
Your first option is to do nothing at all. You and your spouse can continue to be joint homeowners, even when you’re not married. Some couples will do this to take advantage of a rising real estate market or because they still have children living in the house.
Buy half of the home
When one person wants to sell the house and the other person wants to stay, the solution is often to have the person who stays purchase the other person’s share. It is likely that they will also have to refinance their mortgage at this time, removing their ex’s liability.
Sell the home
Of course, the house can also be sold outright. Many couples will sell their family home, split up the money that they make and then use that money as down payments on personal homes or apartments for each of them. This is perhaps the easiest choice, but it isn’t always optimal if there are other factors – such as children – involved.
No matter what you decide to do, it’s very important to understand all of your legal rights during a divorce. Be sure you know exactly what steps to take to seek the division that you deserve.
