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Options for dividing a home in divorce

There are many questions to answer as you go through the divorce process, with quite a few related to property division.

From the start, you need to know your options for dividing the family home in divorce. With this knowledge, it's much easier to decide what will work best for you and your ex-spouse.

Here are the four options to consider:

  • Sell the home and split the profit down the middle
  • Buy out your spouse or let this person buy you out
  • Delayed buyout, such as when one person stays in the home and makes the mortgage payments until he or she is able to leave
  • Live together in the home after the divorce

As you can imagine, some of these options will work better for you than others.

For example, you may be okay with the idea of selling the home and splitting the profits. Conversely, you may not like the idea of living in the home with your ex-spouse or allowing him or her to stay put for the time being.

Although there are pros and cons of each option, you can only select one. This is why you need to work closely with your former partner to see what works best.

You have a lot to contend with during a divorce, and this is one of those details that are not going to get better on its own. You need to work through matters of property division, one step at a time. When you do this, while also knowing your legal rights, you're in better position to succeed.

Source: Realtor.com, "How to Divide a House When You're Getting a Divorce," Liz Alterman, accessed Oct. 05, 2017

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