Your home may be important to both of you personally and can make property division negotiations complicated and emotional.
When you divorce, who gets the house? This is one of the main questions a couple has when they divorce. This is because a home is generally a couple’s most significant asset and also often the one thing with the most emotional attachment.
If you were married for a long time, you and your spouse might have lived there many years, raising your children and building a life. This can make it challenging to let go of and assign value to. It may be important to both of you personally and can make property division negotiations complicated and emotional.
Here are some of the most common ways the family home is settled in a divorce:
- Put the house up for sale – If neither you nor your spouse wants to stay in the home, or neither of you can afford to stay in the home, put it up for sale. Try to get the best possible price, and then the money from the sale can be evenly divided.
- Buyout – A buyout is when one spouse releases their interest in the home in exchange for cash or the promise of money to be paid in the future. This is a typical scenario where the primary caregiver for the kids wants to stay in the house with them.
- Co-Ownership – This is not a typical situation, but sometimes a sale or a buyout is not an option. Co-ownership needs to be clearly defined and legally determined. It will technically be set up as a business relationship.
When going through a divorce, there are so many questions. The process can seem overwhelming. However, we can help!
The Betz Law Firm Is Here to Help!
Are you in St Louis, Missouri, and looking to file for divorce? Contact the Betz law firm. Our experienced attorneys are here to help you navigate the decisions involving property division, child custody, and spousal support. Contact the Betz law firm today for a free initial consultation.
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