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Divorce sucks. It’s not the result couples have in mind after walking down the aisle and tying the knot. When marital bliss fades, things can get derailed and end the union.
If divorce rears its ugly head, the division of real estate can make matters worse. If neither party wants to budge and each wants an outcome that conflicts with the other’s wishes, an unproductive back-and-forth battle can wear them out.
A family law attorney can help with property division matters. The legal professional can ensure that both parties — rather than one to the exclusion of the other — get a fair outcome.
Here are four possibilities for handling real estate division issues during divorce proceedings.
1. Co-Own the Home For the Time Being
Depending on the reasons for the divorce, the two parties might choose to co-own the home for a while. It might be in both of their best interests if they can’t agree on what to do with the real estate.
They may wish to sell it, one party might want to buy out the other party, or the two parties might want to see who gets custody of the children before deciding.
As long as the two parties can be civil, it might be in their best interests to hold off on selling the residence. They can co-own it for a while and later make an informed decision.
2. Sell the Real Estate and Divide the Proceeds
One option is to sell the family home asap and divide the assets equally or in whatever way the court might determine is fair. Divorcing couples might want to sell, one might want to buy the other party out, or both may wait and see who gets custody before deciding.
If neither party has an emotional connection to the home and they want to make a clean break after the divorce, it makes sense to sell the property sooner rather than later and divide the proceeds.
3. One Spouse Can Buy the Other Party’s Share
If the parent who receives primary custody of the children wishes to remain in the family home, they might choose to buy out the other party’s share of the property. That scenario isn’t uncommon, and it can work.
Remember that children suffer at least as much as their parents when divorce becomes a reality. It can shatter their lives and sense of security. Allowing them to remain in the family home, live in the same neighborhood, attend the same school, and keep the same friends can be a game-changer.
Whoever occupies the house has to be able to afford the upkeep. It might be necessary to refinance the mortgage to get one party’s name removed from the mortgage.
4. One Spouse Stays in the Home for a Short While
One party might choose to live in the house for a set amount of time. For example, if the children are still enrolled in school, the couple may opt to wait until the end of the academic year before selling the house. Divorce is arguably harder on children than on their warring parents. So, a concession that makes the new normal easier for the kids is a good idea.
After the end of the academic year, the couple can decide how to divide the property. If going this route, it’s a good idea to set a deadline for moving forward after whatever event, like the school year, is over.
Consider these four ways to divide property when divorce comes into the picture. These options can provide a method for divvying up real estate so the two principal parties can move on. If none of these options work, there is a fifth. But it’s like rolling the dice since it involves having a judge decide who gets what.
