One of the first issues to decide when contemplating a divorce is who is going to get the 
house. If there are children involved, many people would expect that the wife should stay in the family home. However, this may not always be the best solution. Will the wife have the financial resources after the divorce to maintain the house? Perhaps downsizing is going to be required since two households are now going to have to be maintained on the same incomes that maintained one household. There are really only three choices.
Put the House Up for Sale
If neither spouse wants to stay in the home, or neither spouse can afford to stay in the home, you might want to put it on the market to try to get the best price possible. This can be hard for families because of the moving out process – everything can feel very final and “done.” But often times it’s easier to have the money from the sale than a large asset that reminds them of their divorce.
Buyout
A house buyout is when a spouse releases hers or his interest in the house – this is in exchange for cash or the promise of cash to be paid in the future. This often happens in instances where the primary caregiver for the children want to stay in the house with the children. There are a lot of intricacies with a buyout – you’ll want to work with a negotiator that can help advise you on this if you feel it’s the best option.
Co-Ownership
Sometimes a sale nor a buyout will work for your situation. In this case it might be best to consider co-ownership for a predetermined amount of time. This will need to be clearly defined. Essentially, this will redefine your relationship with your spouse – you will now have a business relationship of “co-owners” of the property.
Steven W. Hair, focuses his practice as a divorce attorney, family law attorney in Clearwater, Palm Harbor, and Safety Harbor.
For more information, visit our website at www.FamilyLawClearwater.com
or call (727) 726-0797.