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4 options for handling the family home during divorce

On Behalf of | May 28, 2024 | Division of Assets

Divorce brings with it the challenge of deciding what to do with the family home. The emotional attachment to a place filled with memories can make this a complex issue. If you are in York and facing this situation, here are four solutions you might consider for your shared property.

Sell the house and divide the proceeds

Selling the family home and splitting the proceeds is often seen as the cleanest and most straightforward property division solution. This approach allows both parties to part ways with the asset and start afresh with their own living arrangements. It simplifies the process by letting the market determine the home’s value, but it requires agreement on the logistics of the sale.

Transfer the title to one spouse and refinance

If you or your spouse want to keep the house and own it jointly, transferring the title to that spouse and refinancing the mortgage into their name alone could be the most viable option. Keep in mind that this could depend on the would-be sole homeowner qualifying for a mortgage and keeping up on payments.

Keep the house with its current sole owner

When the home is in one spouse’s name, it might be a nonmarital asset, depending on whether the other spouse contributed to mortgage payments and upkeep. Otherwise, the title holder may need to compensate the other for any shared investments made during the marriage.

Continue sharing the home

A less traditional route is to continue co-owning the home post-divorce. This could mean arrangements like you and your ex continuing to live in the house together, arranging a custody rotation where your kids stay in the house and you and your co-parent move in and out, or even turning the property into a rental and sharing the income. However, this option requires a good working relationship, as it involves ongoing joint decision-making.

A Tailored Solution

Finding a solution that respects your property rights and personal needs is paramount. An experienced family law attorney can provide the necessary guidance to ensure your decisions are informed and tailored to your unique circumstances.