In many divorces, making a decision about the family home lead to delays.
Forbes explains that since your home is likely your biggest asset, you need to find a way to divide it fairly. You and your spouse may have different opinions on how you should proceed, but there are three options.
Sell
You can sell your home and split the proceeds. With this option, you will lose your family home. It may take time to sell your home because it is dependent on the current housing market, and if so, your divorce is on hold. However, it is the easiest option because it makes it simple to split the asset.
Buy out
One of you can buy out the other’s share in the home. This allows you the chance to keep the home, but you will take on the full responsibility of paying the mortgage and other expenses related to the upkeep.
It may be difficult for your spouse to come with the money to pay you. He or she may suggest you give up additional assets to offset the value of the home. For example, if your home is worth $100,000, then your spouse may ask you to give up $50,000 worth of other assets in compensation for the $50,000 he or she has in the house.
Share
If you and your spouse are agreeable, you can keep things as they are with you both owning the home. It is not a set up that will work in every situation, but it does give you the option to sell later so that you can finalize the divorce now. You will have to work out the details on who lives there and what responsibilities you each have financially towards the home. Some families even try birdnesting, which is where the children live in the home while the parents alternate who stays with them.
