Married couples may opt to purchase a home during the course of their marriage. They may build their lives in this home and possibly raise their children there, but they probably never believed that the home they loved could lead to legal issues.
Once a married couple decides to end their marriage, they will have to go through the process of dividing their assets. This includes the marital home.
Options for the marital home
Determining what will happen to the marital home can sometimes be a contentious issue because each party may have a different idea about what’s best. If you’re going through this situation, it’s best for you to learn about the options that you have for the home.
One option that you have is to sell the home. You and your ex could split the proceeds that remain after the mortgage and other related expenses are paid. It may also be used to pay off marital debts.
Another option is that one party may buy out the other’s share of the home’s equity. The party remaining in the home would likely have to refinance the home. The buyout can happen using cash or an adjustment of assets.
A final option is for you and your ex to continue to co-own the home. This may occur if you want to continue to raise the children there or if you want to use the home as a rental property.
Determining what’s best for your marital home can be a complex undertaking. It’s best to work with someone familiar with these matters so they can assist you in learning how each option may impact you now and in the future.
