You’ve lived in your home for years with your spouse, but now that you’re getting a divorce, your concern is that you won’t be able to remain in the home you love. It is a possibility that you could stay in your home, depending on your circumstances, but there are other alternatives as well.
The family home may be something you and your spouse both want, or it could be an item up for grabs during the divorce. When you start out, most courts want to see you split marital assets 50/50, but that doesn’t mean selling your home is the only option. Here are a few ways you can divide your assets.
1. Buy your spouse out of the property
The first option you have is to negotiate and buy your spouse out of the home. For instance, if you have $100,000 in assets with $50,000 worth in your home, you may give up your claim to the other assets in exchange for the property.
2. Rent the property and share the profits
If you both don’t want to sell the home but also can’t decide who should live in it, consider working together to rent out the property. If the home is already in both your names, you’ll both still be liable for it and its condition. With a rental property, you can bring in an income and share it instead of losing out on the home as an asset altogether.
3. Give the home to the parent with the children
Finally, consider allowing the parent with primary custody to remain in the home. If this is the home your child has grown up in, it’s a good idea to allow your child to continue to live there. It provides stability when the rest of his or her home life is changing.
These are a few ideas for how to handle your home during property division negotiations.