How can you divide the family home?

Decisions about the family home can be among the most difficult decisions to make during a divorce. For some, keeping the house is important, while for others, they prefer a fresh start away from the home. Forbes suggests that there are a few options to consider when dividing assets.

Ask yourself whether you want to keep the home or start anew in a different place.

Do you want to keep the home?

If you want to keep the home, then you can buy out your spouse. You would determine your home’s value and calculate the buyout price. When you buy your spouse’s share, you can take his or her name from the deed, but you may not be able to remove the name from the mortgage. To completely free him or her of the obligation, then you may want to do a home refinance.

If the two of you have young children and want to maintain ownership of the home, you can still maintain joint ownership. When you do this, you must decide how to split the expenses of the home. If only one of you lives in the home, but the two of you own it, then you may decide that only one of you has to pay any taxes, utilities and repairs.

Are you ready to sell?

If neither of you wants to keep the home, then the only option you have left is to sell it. Of all options, this is the easiest and cleanest way to divide the asset. You can sell the home and then split the proceeds from the sale.