One of the hardest things to deal with when going through a divorce is what will happen to your marital residence. Each couple that goes through a divorce will decide what is best for their family but here are some options when it comes to deciding what to do to your home.
One option is to put your home on the market, sell it and split the proceeds with your spouse.
This leaves for an easy split of the home and no further discussion on what happens with your home. The other option is one spouse stays in the home and buys out the other spouse. This simply means that if you are the spouse who decides to stay, an appraisal will most likely be done to determine the value of the home and you will have to pay your spouse their share of the value of the home. If you are the spouse that is staying you will also remove your spouses’ name from the deed as well as the mortgage and you will be fully responsible for all payments towards the home.
You may be saying to yourself, well how will I get the funds to pay my spouse that lump sum of money? If an individual does not have the money readily available, they can refinance their mortgage or get creative with other assets they or their spouse may have. Let’s say your spouse has a lot of money saved in retirement accounts, which you are entitled to half of the marital portion of. You can tell your spouse to keep your share of their retirement in exchange for their share of the marital residence. This is what the experienced attorneys at Capetola & Divins, P.C. will help you in deciding.