One of the biggest assets in a marriage is likely the home. This is also likely going to be a primary source of contention if you opt to divorce. It’s up to you and your ex to determine what to do with the home.
There are a few options that you have when it comes to this asset. Think carefully about each of these because they each have different responsibilities and benefits.
Sell the house outright
If you sell the house outright, both adults will cut ties with it. The mortgage must be paid for first. Anything that’s left after the mortgage is paid off will be split according to the property division agreement.
Co-own the home
Both parties might choose to keep their ownership in the home. In some cases, the custodial parent remains in the home with the children. Once the kids are grown, the house is then sold or a buyout is initiated. Other times, the house is used as a rental property that provides income for both adults. Be sure you have a clear written contract if you opt to do either of these.
Opt for a buyout
In a buyout, one spouse buys the other spouse out of their share of the home. This can be done through a cash transaction, but it’s also possible to handle it by giving one party a larger share of other assets.
You and your ex may be able to come to an agreement about the fate of the home. Being able to do this lets you customize the plan. Coming up with the plan for the remainder of the assets and debts is also imperative. Think carefully about what you want to do so you can ensure that it’s in your best interests. You have to think about how each option will impact your future.