When it comes to a divorce, there are many factors to consider. For example, child support, child custody, and alimony, to name a few. An especially important issue is that of the house. When a couple owns a home together, what happens in the event of a divorce? This can be an overwhelming thought. After all, a home can be extremely sentimental, and it can be hard to consider giving it up. Additionally, a home is often a couple’s largest asset. For these reasons, couples often have trouble determining what to do with the home. Below, you will find a few ways to handle the equitable division of your home.
What is Equitable Division?
Equitable division is how your assets will be divided in a divorce. It does not mean everything will be split down the middle, but rather assets will be divided by what is fair to each party’s situation. Below are some of the factors that come into play when deciding upon the division of assets:
- The duration of the marriage
- The health and age of each spouse
- The income and potential future earnings of each spouse
- How each spouse contributed to marital property
- Any child custody considerations
How Does This Apply to a Home?
In the event of a divorce, a couple will have to make a decision about their home that is fair to both parties. There are three main ways to do this.
- Sell the home: a couple may choose to sell the house and share the profits.
- Arrange a buyout: one spouse may buy the other’s share of the assets in order to become the sole owner of the home.
- Continue to co-own: this arrangement is popular amongst couples with young children. In an effort to avoid displacing the children, a divorcing couple may choose to continue owning the home together. For the most part, one spouse will remain in the home and the other spouse will move out.
In order to determine which of these options is best, you will likely need to take part in a mediation. Mediation involves a neutral third party helping a couple work through the matters of their divorce. If mediation is unsuccessful, a decision about the house can be made by the court.
If you have any questions or concerns about what may happen to your home in the event of a divorce, contact our firm to discuss your case.
CONTACT OUR FIRM
Matters of divorce and family law should be navigated with the guidance of an experienced attorney. If you need strong legal representation regarding matters of divorce, family law, and estate law, contact the Law Offices of Susan A. Kassel, P.C. to schedule a consultation today.
