There are many critical questions that arise during a divorce. One of the most impactful is, “Which partner keeps the house?” because a house is usually a couple’s largest asset, and it carries emotional attachment as well. The personal attachment each partner holds can make property negotiations especially difficult, so it helps to have an attorney who is experienced in family law. Here are some common outcomes from property negotiations over a house during a divorce.
Sell the House
Sometimes neither spouse wants to stay in the home, so it’s best to sell the house on the market and divide the money accordingly. Some families don’t like this option because the moving out process can further complicate the situation but it’s often easier to divide the money than it is to divide one large asset.
If one spouse wants to remain in the house and the other is willing to move out it’s possible to negotiate a buyout. This means one spouse gives their interest in the house in exchange for cash. The cash may be given at the time or on a payment plan. One common reason for a buyout is there are children involved and the primary caregiver wants to remain in the house with the children. Buyouts can be accomplished in varied and quite creative ways.
Co-Own the House
When neither a sale nor a buyout will work best for the situation, some people will choose to maintain the home as co-owners. It’s best to agree on a duration of time which the parties will share ownership of those even though they are no longer married. It’s important to clearly define the terms and each party’s obligations to the co-ownership in the negotiations so that both parties understand the agreement and know their respective roles after the divorce.
If you need an experienced family law firm to help you in property negotiations. Please contact Harris Guidi Rosner, P.A.