What are the options for the family house in a divorce?

What are the options for the family house in a divorce?

On Behalf of | Jul 19, 2021 | Divorce |

The most expensive asset in a California divorce is typically the family home. However, a typical asset division would call for the parties to sell the house. Even so, there might be other options to consider.

Try a collaborative divorce

When you and your soon-to-be-ex are reasonable people and can interact effectively in spite of the broken relationship, a collaborative divorce could be a good option. You approach the issue of the family home from the vantage point of what will be best for the entire family. Doing so is of particular benefit when there are children.

Demand your half

Another option is forcing the sale of the property. You want your half of the asset’s worth, and to get it, you have to sell the house. In some cases, the other party might buy you out and keep the asset. It is interesting to note that you might also be entitled to half of the house’s equity, even if your spouse owns it.

Trade asset for asset

Maybe you have no interest in the family home, but your spouse does. You might offer to take your buyout amount in the form of other assets that you have an interest in. Examples might include vacation homes, luxury cars or investment portfolios. Be sure to factor in market risks if you want to go this route.

Keep the house as co-owners

If there are children in the home, and you like the school district, it could be in the youngsters’ best interest to stay in the home. You and the other party could agree to co-own the house and work out a payment schedule for the mortgage, taxes, insurance, maintenance, and other details. You might take turns living in the home.

If there is a chance that you will be dealing with a divorce, it could be a good idea to talk to an attorney to protect your interests.