When discussing property division, there are a lot of big-name items to work around. Splitting the family library or swapping the value of the couch for equal amounts of property is one thing. Splitting the value of your home is another.
There are options available like buying your spouse’s interest or trading enough marital property to keep things equal. As Orchard details, selling your home might be the easiest, depending on your case.
Identify your reasons
Keeping your house requires a significant amount of cash and maybe you do not want to part with half a house worth of property. There may also be other financial reasons. The liability of being a single homeowner may also affect your incentive to keep or sell the house.
Determine whether you can sell in the first place
Courts issue a preliminary injunction on community property after you or your spouse file for divorce. This helps protect against a spouse selling off property to avoid the division process, but it also makes selling property for the purposes of division more complex.
Reconsider keeping the home
There are options for keeping your house after the divorce. A retirement account or other savings may qualify as equity to divide. Refinancing options also provide options you and your spouse may agree on. In the event that you do keep your house, spousal maintenance may help after the process.
It is important to learn more about your unique situation and identify your options when dividing marital property in a way you and your spouse can come to terms with.
