We know the legal terrain

  1. Home
  2.  » 
  3. divorce
  4.  » What should you do about the marital home?

What should you do about the marital home?

On Behalf of | Jan 20, 2023 | divorce

Your home is often your most expensive asset and it’s usually a source of pride for the family. For a person who’s divorcing, the house may be the biggest source of contention when it comes to assets.

There are a few different things that you can do with the marital home. It will be up to you and your ex to determine which of these to do.

Sell the home

You and your ex may sell the home. The mortgage has to be paid off, but the profits could be divided. Be sure you plan for the expenses of the home through the sale. Work with a real estate professional who’s familiar with these situations.

One party buys the other out

One spouse may buy the other out of their share of the home. This usually requires obtaining a new mortgage. It might be possible to use other assets to make up the portion of the home that needs to be bought out.

Keep the home together

If you and your ex can get along, you may decide to continue to own the home together. This may be as an investment or rental property. Sometimes, people do this just so the kids don’t have to move. An agreement about how to handle bills for the home needs to be in place.

The marital home is often the most difficult asset to handle when you’re going through a divorce. Be sure you consider the overall property division settlement so you don’t get stuck on that single asset. Working with someone who can help you vet out the options is beneficial.