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What options do you have for the marital home in divorce?

On Behalf of | Jan 22, 2025 | Family Law |

Going through a divorce means that you have to divide all the marital assets that you amassed during the marriage. One of the assets that has to be divided is the home. Determining what happens with this asset often means that you have to think logically, despite the emotional connection that you have with the home. 

There are a few options that you may consider for the marital home. Thinking about how each of these will impact you now and in the future is critical. 

3 options for the marital home

One option is to sell the home. This gives both parties a fresh start because any funds that are left after the mortgage is paid can be used to pay off marital debts. It’s important to have a proper appraisal done so you know what price to seek. You and your ex would have to agree on whether to accept an offer or not.

Another option is for one spouse to buy the other out. This can be done with cash or by shifting around other assets and debts during the property division process. 

The third option is to continue to own the home together. This is often the choice when there are children involved and the parents want to have them remain in the home. Terms for the eventual sale or outcome for the home once the children are grown should be included. 

You and your ex will have to determine the final outcome of the home. This is only one part of the property division process. It may be beneficial to have someone familiar with this aspect of divorce to help guide you through the division.

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