Getting divorced is a difficult time, and one of the big issues that has to be decided is who gets the house. This of course depends upon your circumstances. After the divorce, who has the resources? Which party would be able to afford to keep up the house with a single income? What is the equity in the house? If one party gets the house, will the other party get assets of equal value? There a just a few ways to make a settlement.
Sell the house and split the proceeds
This is the easiest way to deal with it. Both parties end up with a share of the proceeds.
One party buys the other out
Perhaps there is a reason for one of the parties to remain in the house. Perhaps there are children involved and the remaining party doesn’t have the resources to purchase a house on their own. It may be that both parties have an interest in one of the parties remaining in the house with the children. How will the party leaving the house be compensated? This can be difficult and you probably should have a professional help you negotiate the agreement.
Co-Own the house
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.