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How can you divide the house during a divorce?

On Behalf of | Apr 5, 2021 | High-asset Divorce |

If you are a homeowner currently in the middle of a divorce, you have to think about what to do with the family home. In general, you have about three different choices to handle splitting a home, explains the Huffington Post. 

You can keep the home temporarily, sell the home or one of you can keep it. 

Temporarily retain ownership

In some cases, it may not benefit either of you to cease ownership of the house. You may owe more than what the house is worth or have children that make the situation more complex. In this case, you normally retain ownership for a while until you sell the home or one of you buys out the other. 

Sell the home

One of the easiest ways to split entirely is to sell the house. The two of you can sell the house and then split the finances after. Once you pay all of the house’s sale expenses, you can easily divide the money left behind. 

Keep the house under one spouse’s name.

If one of you wants the house, but the other wants to let it go, then you can refinance the mortgage. When you refinance, it can remove one spouse from the mortgage, pay off outstanding debt and free up cash to buy the other equity share. 

Keep in mind that the person who wants to keep the house does have to qualify for the mortgage. He or she has to have a high enough income for the home. Each person involved should have an appraisal of the home.