What happens to my house during a divorce?
As our team knows (we have parents who have been divorced), a sudden, slow, or even new to you life change can be an earth shattering experience. We are here to help. Our job is to assist in guiding you through what home scenario works best for you / your family during the divide, and we are here to assist in any referral needs you might have throughout the process... starting with a great attorney.
We can also provide you a free home market analysis- click here, and if necessary we can also help you put your home to market to sell. We can even refer you to moving companies and professional organizers to help take some of burden and stress off of you as well!
In a divorce, unless there is a prenup (or post-nuptial) agreement, most of the time assests are divided in the settlement. The guidelines per state apply if you go to court; however, if you settle outside of court, you can decide what is best for your situation.
So what are some of the scenarios regarding your home during a divorce?
Divide assets as in if there are multiple homes or other large assets that one party gets their share. The other is alloted his or her share.
Buy out the other party. This is when one party wants to keep the home and gives the other spouse fair market value for his or her half.
Co-own the property. This can be a practical option if you want to keep the kids in the home and/or you are agreeable to who pays who what each month. You might set a future plan in place to sell and how the proceeds are divided up at that point. Either way, this can be a good working solution if one party is working to afford the buyout.
Sell the home and split the proceeds. Just remember, though, to use the professional help of a realtor, AND that you will required to work with your soon-to-be ex-spouse on the negotiations so that everyone is happy with the results and negotiations.
For more information on homes and divorce, visit this great Zillow article (What Happens To a House in a Divorce) here.
To schedule an appointment to chat further, reach out via phone/text (812) 449-4118 or email [email protected]