How do we “divide” our family home?
There are generally two ways to divide your home:
   • You may sell the home and divide the proceeds equitably. If this
     is the path you take, you should consider whether debts should
     be paid at the time of sale, either before the proceeds are divided
     or from one party’s proceeds after division. You may also want to
     consider that some courts will allow a spouse who has custody of
     minor children to remain in the home for a period of time before
     being forced to list the home for sale.
   • One spouse may stay in the home and buy the other spouse
     out of their fair share of the equity in the property. The spouse
     remaining in the home may obtain the required funds by
     refinancing the property or by giving the equivalent value of
     another asset to the spouse leaving the home.

After discussing the issue with your attorney, you may want to
negotiate with your spouse to come to an agreement regarding the
home that is workable for you both. If you cannot agree, the judge
may consider such factors as ability to bear the cost of maintaining
the home, ability to refinance the home to remove one party’s name
from mortgage liability, and fault in dividing the home.

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The information contained on this website is intended to be of a general
nature, and may not address the specific circumstances of a given divorce
case. For specific advice, please contact a local attorney or other appropriate
professional. The provision of information on this website is not intended to
violate any state or local law or regulation regarding the practice of law.