Some Options for Dealing with The Family Home in A Divorce
March 2, 2021
When an Illinois couple is going though a divorce it can be a traumatic time. Emotions are high and there is a lot at stake. Asset division can be one of the more contentious issues that a couple needs to work through. With assets that are worth a lot of money, like the family home, it is important for couples to know what their options are.
There are a few options that a couple may have with how to deal with the family home in a divorce.
Sell the home. Many couples sell the family home for as much money as they can get for it and then split the profit between them.
Buy out the other spouse. One spouse may choose to buy out the other spouse and refinance the mortgage in their own name. This can be a good option for a spouse who can afford to maintain the home and wants to keep their children in the home. It can also be a good option if a person’s house won’t sell for enough to make a profit.
Divide large assets. If a couple has several large assets such as their home, vacation home, and a large stock portfolio, splitting these assets worth roughly the same amount can be a good idea.
Co-own the family home. A couple can choose to co-own a home for a specific period of time, such as when the children graduate from high school. In this situation a couple will need to work out how the mortgage payment will be made, when the house will be sold, and who will get the profit from the sale of the house.
A legal professional who is skilled in divorce can help their client understand their options when it comes to asset division. An attorney can make sure their client’s needs are met both now and into the future.