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What can you do with the marital home in a divorce?

On Behalf of | Aug 30, 2022 | Family Law

The marital home is often the largest asset a couple has, and it’s one that is probably a source of pride. It can also be a huge source of contention if they decide to divorce. 

For those who’re going through a divorce, deciding how to handle the marital home will take considerable thought. There are a few options to think about. One of the most important things to remember as you go through these is your single-life budget. 

Sell the home

Selling the home enables you to pay off the mortgage. There may be enough money to pay off the other bills in the marriage so each partner can have a clean slate for their finances. Any profit once necessary things are paid would be split between the parties. 

Buyout the home

One party may buy out the other party’s portion of the home. This requires an accurate valuation of the real property. It might be worked into the property division or there could be a cash payout. 

Keep the home

Sometimes, such as when kids are involved, both adults will retain ownership of the home. They will split bills and other expenses. This is usually the case if one parent will continue to live in the home with the children. Once the kids are all grown, they may sell the home and split the profit. 

The marital home is only one asset that must go through the property division process. Taking the time to think about what’s realistic for all the property is important. Working closely with someone who can help you look at the logical options may help you to make a decision in your best interests. 

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