Dividing the Family Home During A Divorce
The family home is one of the main assets of a married couple. When a couple decides to split up, they will have to decide on what to do with the family home. Dividing marital property and assets is central to a divorce settlement and the most common solution is to put the house on sale, but there are other options on how to divide the property.
Valuing the Family Home
Regardless of whose name the property is in, as long as the property was purchased during the marriage, the Marital home and other properties should be split between the couple. How much of the share each partner will receive will depend on numerous factors, such as whether or not the property was purchased with marital or separate funds.
Unless the parties are going to sell their home before anything else, the couple should first identify the value of the home. Once a value is obtained the parties can discuss a buy out of the property with cash or a waiver of other assets equivalent to their share of the equity in the home.
Selling the Property
If there are no children involved and the other alternatives will not work, it is better to sell the marital home. The primary struggle will be trying to make a profit in today’s real estate market. The best time to sell would be during the spring and summer months.
Leasing the Property
Real estate experts say that the property market actually plays into the hands of those going through a divorce, as much as the other Ds (death, dislocation and downsizing) of life. They strongly advise divorcing couples to consider renting out the family home in the short term before they come up with a solid decision on what to with the house.
In our long experience in handling family law cases, we understand how complicated it must be to divide a family home, as it is one of the main foundations of marriage. Sentimental value is not something you can put a value on; how much more getting rid of it to finally settle the divorce. Allow us to walk you through this tough process.
Contact the Law Offices of Ian S. Mednick today and let’s find the best solution to dividing your marital property and assets.