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Options for handling the family house in a divorce

On Behalf of | Jul 21, 2021 | Blog, Property Division

With divorce often being such a difficult period, there’s usually controversy about who gets to keep the house. To most spouses in California, the marital home is a valuable asset. Thus, while they might benefit financially from selling the home, the process is often emotional. However, regardless of your feelings, discussing this issue is among the first steps in handling other issues in the divorce process. Here are some options to consider.

Work it out with your spouse

Often, most spouses agree on property division. This is often the best approach since both of you can control your destiny. Additionally, you avoid the high attorney fees and emotional stress that comes with divorce proceedings. Further, you don’t want a judge to make such a tough decision on your behalf. Therefore, it’s best if the handling of the family home lies on the mutual agreement between both spouses.

Selling the house

Selling the house is always an option when neither spouse can afford nor wants to stay in the home. In that case, the spouses sell the property and divide the proceeds. Additionally, the proceeds can pay off the remainder of the mortgage. You’ll also have to pay for any taxes that may apply. However, this option is disadvantageous since it involves a lot of fees.

Continue co-owning the house

It’s common for spouses to continue co-owning the house after divorce. Most spouses with kids opt for this option since most kids are often attached to their homes. Additionally, you can also opt for co-owning when one spouse wants a buy-out but can’t complete the payments at once. Therefore, you continue co-owning the house while the spouse who wants a buy-out continues making the payments. You can also decide on a deferred sale, which is a sale made after a specific event.

Are you looking for the best option to handle your family home after divorce? An attorney might help you make the best decision.