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What Happens With The House During A Divorce
Henry Jennings
One difficult part of a divorce is dividing the shared property between both spouses. While many small items are easy to separate, dividing a house can be quite difficult. Here are some methods that are used to divide a house between a couple that is getting divorced.
Sell The Home
The simplest way to divide a house is to sell it and split the proceeds between both spouses. This gives both people a large amount of cash that they can use when they separate, which can be used as a down payment toward a new home or to put in the bank and save for rent. As long as both spouses are okay with selling the house, splitting the proceeds can be easy and painless.
Buyout
If one person wants to stay in the home and the other does not, then there is the option for a buyout. This is when one spouse pays the other for their share of the home, which prevents the other person from having any ownership of it after the divorce.
The easiest way to perform a buyout is for the person keeping the house to refinance the mortgage. This will take the other person's name off the mortgage, and give the buyer a large chunk of cash they can use to pay for the other half of the house. Of course, a problem with the buyout method is that one person on their own may not qualify for a home refinance. If this is the case then a buyout wouldn't be an option.
Co-ownership
A divorcing couple can also use co-ownership to deal with the home. This is when one person decides to live in the house, but essentially pays rent to the other person. Rental income would be proportional to half of the property that is owned by the other person, which would not make rent as much as it would be if someone rented the home on their own from another person.
Use And Possession
The use and possession method is often used when children are involved. There can be an agreement for one person to continue living in the home with the children, but only for a specific period of time. This may be when the children turn 18 and have moved out of the house. The house will then be sold after that agreed-upon time period, where the proceeds will be split between both spouses.
Speak to a divorce lawyer to learn more.
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