Perhaps the easiest way to deal with a house during divorce is simply to sell it. You can’t split this asset up, of course, but you can take the money you earn in the sale and divide that between you and your ex. This keeps things simple and gives you both your share of the value of that property.
However, people sometimes make the mistake of assuming that this is what you have to do — as if there is no choice. Maybe the most important thing, for you, is to keep your home. Is this possible?
It certainly is. There are a few financial issues to consider, however, to see if this is a viable option for you personally.
First and foremost, your ex still has a right to the value of the home. Say a sale would bring in $300,000 and the judge has ruled that you need to divide that money. If you keep the home and there is no sale, you have to find that $150,000 somewhere else. You can buy your spouse out with other assets or give them something that they want to keep, to which you have an equal claim.
Secondly, you need to make sure the home is affordable. If you have a mortgage, for instance, it’s likely in both of your names. You’ll need to apply for the loan on your own and get it transferred into your name. You also need to take on taxes, maintenance, utilities and other costs.
Just remember that you do have options. You simply need to take the time to consider them all carefully to reach your goals. It’s often wisest to seek out the assistance of an attorney who can help you better understand what usually works for people in your position.