There are a few main ways to deal with the family home in a divorce, which
include co-owning the house for a time before figuring out your permanent
setup, or selling the house, splitting the profits, and relocating/downsizing.
Or you could negotiate a buyout from the get-go. Whether you want to buy
out your spouse's share right away, or whether you want to end your
co-owning arrangement after a
divorce, read on to learn about a buyout.
One of the main benefits of staying in the house is that the kids get to
stay in a familiar place, and you also do not have to depend on an ailing
real estate market to move on in your life. That being said, the buying
spouse may be spread thin financially, perhaps paying too much for a house
that will lose value, or the selling spouse might lose out on the future
value of the house.
A buyout can occur at the same time that your divorce settlement is finalized,
or you can sign an agreement in your divorce settlement that will gradually
transfer full ownership of the house to one person only. Usually, in the
divorce settlement, the buying spouse will give the selling spouse additional
marital assets in order to get their share of the house. Or the buying
spouse would refinance the house and get a new mortgage loan that is in
their name alone.
Either way, you will not need a real estate agent, but you do need to get
the house appraised. Perhaps you and your spouse generally agree on how
much the house is worth, or your place was recently appraised. If you
do not agree, you could always scour the internet to get an idea of what
similar homes in your location are going for. This will not be precise,
of course, and if you and your spouse really cannot agree, you could always
hire an appraiser.
If you are the buying spouse, know that you might not have to base your
purchase price on the fair market value of the house. For example, you
might be able to get this amount lowered if there is repair work that
has been unaddressed since before the divorce, and you could deduct this
cost from your buyout. Or perhaps you are owed
spousal support. The other spouse may agree to a lower buyout price in exchange for not
Whatever complex issues you face in
property division or the divorce process, you can find the legal counsel you need at the
Meyers Law Group, P.C. Find out how our Long Island divorce lawyer can
help you get to the future you deserve when you
contact us today!