What Can I Do with My House in a Divorce?

Pending a pre-nuptial agreement, all of your assets are on the table during a divorce. That means your vehicles, furniture, pets, and savings will be legally divided between both parties in a court of law. Of all the property that will be split, the most difficult to divide (aside from your children) will be the home you shared with your spouse. It’s both an emotionally and financially big decision that carries a lot of weight. Thankfully, there are a number of options that you can explore when deciding what to do with your home in a divorce.

Buy Your House

As equal owners of the home, both parties of a divorce have the option to purchase the house outright from the other party, then refinance the mortgage and have the other party removed from the deed. Doing so requires a property appraisal to determine the market value of the home, which (after subtracting loan costs and transfer fees) will be the amount split in half in order to negotiate the purchase.

Sell Your House

If both you and the other party wish to move on from the home you’ve created together or if you can’t afford the mortgage on your own, then selling the home is likely the best option. It provides you both with a clean break and some extra funds to start your separate lives. Depending on the current real estate market, you may wish to wait and sell the home when you can demand a higher asking price.

Share Your House

If you can both reach an agreement to share the total costs of the house, then perhaps it’s best to wait and list the home during a seller’s market. This way, you can both continue building equity in the home until the time is right to sell. You will just need to decide who will live in the home in the meantime.

Surrender Your House

If children are involved in the divorce, then change can be a huge disruptor that can negatively impact their lives. Aside from sharing the home, the most mature and diplomatic decision you can make would be to surrender your home to your family. By giving up your interest in the house, you can help reduce the pain associated with divorce and begin the healing process for all involved.

Don’t Lose Your House

If you are in the midst of a divorce and need help deciding how to divide your assets, rely on the legal counsel at the BCN Law Firm in The Villages. Our experienced divorce attorneys will aggressively negotiate for your home and help you navigate your divorce proceedings in a way that represents your best interests. If you have questions about our services or wish to schedule a consultation, contact us today to speak with one of our representatives.