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How do you handle the marital home in divorce?

On Behalf of | Apr 5, 2023 | Divorce |

A marital home serves as one of the biggest assets that a couple will have for the duration of their marriage and even potentially their life.

This is why it is important for divorcing couples to understand what their options are when it comes to handling this asset.

Stay in the house

Bankrate discusses potential options available for divorcing homeowners. One of the first potential options is to remain in the house. It is often best for the person with the strongest financial means to keep the house. This is because they must keep up with maintenance, property taxes and the cost of owning a home.

Remain vigilant to avoid getting into an argument over who stays if you both want to remain in the home.

Refinance your mortgage

If you have a joint mortgage currently, it is possible to refinance it under a single name. If a spouse chooses to withdraw from the mortgage, also remove them from the title of the home. If you do not, they have access to benefits from selling the house, despite no longer paying for it.

Sell the house

The final option is to put the house on the market. You will have to pay off the mortgage, and you may also want to invest some money into making the house more appealing to potential buyers.

Beyond that, after selling, you can simply split the profits. This will allow you to avoid any additional complications that dividing large assets in divorce may otherwise bring about.