Part of getting divorced is just trying to determine how to split up the assets that the two of you own. In some cases, this can be fairly simple, such as dividing a financial account in half. But there could be other times when it is very complicated, such as trying to determine what to do with the house.
Major assets like this also carry a lot of inherent value, so it is important not to make mistakes or overlook beneficial options that you may want to consider. Below are three choices you have when ending your marriage:
1. One person keeps the home
First off, if one of you wants to continue to own the home, you can buy the other person’s share. They only have a right to a portion of the asset, as you do, and so you just have to buy that portion from them to take over as the sole owner of the house.
2. Both of you keep the home
In rare cases, the two of you can also continue on as co-owners, just as you have been since you purchased the property. This may happen in a case where a couple is getting divorced and they still have children in high school, for example. They may choose to keep the home so the kids do not have to move and then sell it after they go to college or a university.
3. You both sell the home
Finally, couples will frequently choose to simply sell their house. The benefit here is that it turns a physical asset into a financial asset, and then you and your spouse can just divide the money. If you were already interested in moving, or if you do not mind losing the home, this can be an optimal solution.
As you work your way through this process, be sure you have a firm grasp of all of your legal options so that you can fully protect your interests.