When a Gulfport area couple decides to get a divorce, they have often been through a lot of serious and emotional conversations that have gone on for months. The decision to get a divorce is not always an easy one and besides the emotional stress, working through the asset division portion of a divorce can be complicated. The family home, often one of the largest assets a couple owns, can be a contentious issue. So, what are the options for the family home in a divorce?
There are several options a couple may have in dealing with the family home. Some of the most common include:
- Selling the home: Most couples choose to sell the family home and split the proceeds. The couple will need to agree on a listing price and any repairs and improvements that need to be made before the house goes on the market.
- Buying out the other party: A spouse can choose to buy out the other spouse’s share of the house. In this situation the spouse who buys out the other’s share will have to refinance a mortgage in their own name.
- Co-owning the home: A couple may choose to keep the home until a certain point in time, such as their children’s high school graduation. This is a good option for a couple who can afford to keep the home as it can minimize the effects of the divorce on the children.
- Dividing large assets: For couples who have multiple large assets such as a vacation home or large stock portfolio, dividing up the assets worth roughly the same amount can be a good idea.
A legal professional who is skilled in family law can help their client understand their options in a divorce settlement. They have the skills and knowledge necessary to advise their client on making good decisions and protecting their long-term interests.