Dividing your Home in your Divorce
In most divorce cases, the couple’s home is their largest asset. Dividing a home in a divorce can be a contentious process, not only because of the monetary value of the home but because of the emotional value it has to the couple and their children. There are a few different strategies divorcing couples use to divide their homes. The right strategy for you and your spouse depends on your current circumstances and future goals. Talk with your lawyer about the strategies discussed below to determine which is best for your case.
Sell the House and Split the Profits
For many divorcing couples, selling the marital home and splitting the profit from the sale is the most efficient way to divide the home. This often requires the couple to work with a real estate appraiser, who determines the market value of the home so they can better factor it into their property division settlement. In many cases, the couple splits the profit from the sale evenly. However, this is not a requirement.
One Spouse Buys Out the Other’s Interest in the Home
If one spouse wants to stay in the home and can afford to pay the remainder of its mortgage, he or she may opt to “buy out” the other party’s interest in the home. In this scenario, a real estate appraiser may need to determine the home’s market value, which is then used alongside the couple’s equity in the home to determine each party’s interest in the home. As with cases where the couple sells their home, the court may determine that the parties are not entitled to equal shares of the home’s value and work a fair breakdown of this value into the couple’s property division settlement. In a case like this, the spouse who keeps the home must refinance the home’s mortgage in his or her own name.
Combining these Strategies and Considering Others
You might also consider having one partner remain in the home until your children are grown, then selling it and sharing the profits. This could involve working out a deal that allows the partner who leaves the home to take certain other assets to make up for the other’s benefit of keeping the house for a longer period of time.
Some couples choose another way to divide their home after their divorce: retaining ownership of it and alternating weeks in the house with the children. This is known as birdnesting. For some couples, this is a way to save money.
Work with an Experienced Winter Park Divorce Lawyer
Choosing the right divorce lawyer to handle your case is one of the most important choices you will make during the divorce process. To set up your initial consultation with experienced Winter Park divorce lawyer Aubrey Harry Ducker, Jr., contact Sperling Ducker today. During your consultation, you can discuss your goals for your divorce and develop strategies to promote them while protecting your rights.