Divorce Realty FAQ: What happens to the marital home during a divorce?
When it comes to divorce realty, you might have a lot of questions. Each Friday, I’ll be answering one of those questions in depth here on my blog. This week, I’m starting off with the question I’m asked most often- what actually happens to the marital home during a divorce?
Typically, it’s one of five things:
Sell the Home and Divide the Proceeds: In many cases, the most straightforward approach is to sell the marital home and divide the proceeds between the spouses. This is often done when neither spouse wants to keep the home, or when selling the home is the best financial option.
Buyout by One Spouse: If one spouse wants to keep the home and can afford to do so, they may buy out the other spouse's share of the property. The buying spouse may need to compensate the other for their share of the equity in the home.
Co-ownership: In some cases, especially when there are children involved, divorcing couples may decide to continue co-owning the home for a certain period or until specific conditions are met. This arrangement allows the children to remain in a stable environment, such as until they finish school.
Deferred Sale: Sometimes, the court may order a deferred sale of the home, allowing one spouse to continue living in the property for a specified period, after which it will be sold, and the proceeds divided.
Transfer of Title: In certain situations, one spouse may agree to transfer their interest in the home to the other spouse without any financial compensation.
It's essential to remember that divorce laws vary depending on the jurisdiction, and the above options may not be available or applicable in all cases. Additionally, during the divorce proceedings, the court may consider factors such as each spouse's financial situation, contributions to the home, and the best interests of any children involved when making decisions about the marital home.
To navigate the complexities of divorce and real estate, it's highly recommended for both spouses to seek the advice of experienced divorce attorneys and, if necessary, real estate professionals to ensure a fair and equitable resolution.
What else would you like to know about divorce real estate? Schedule a call with me or submit your question through my contact form. I look forward to reading and answering your questions!