How is the family home divided in a divorce?

On Behalf of | Mar 24, 2021 | Property Division |

When a Murfreesboro area couple decides that they are no longer compatible with each other it can be a stressful time. Going through a divorce is often one of the hardest things a person goes through. For those who are in a high-asset relationship, there can be additional complications to work though. What happens to the family home can often be a contentious issue.

There are several options a couple may choose when deciding what to do with the family home.

  • Sell the home. Many couples choose to sell the family home and divide the profits equally. This does require good communication between the couple and their attorneys.
  • Divide large assets. Many high-asset couples have several large assets. A couple may choose to divide large assets with each person taking ownership of assets worth roughly the same amount. These may include the family home, vacation home, stock portfolio, etc.
  • Buy out the other spouse. Sometimes a person wants to keep the home and in order to do this they buy out the other spouse. In this situation a person would remortgage the house in their name.
  • Co-own a house. A couple may choose to keep the home together in some situations. Typically, this occurs when they have children and want to minimize the disruptions a divorce can cause. A couple typically agrees upon a date that the home will eventually be sold and how the profits will be split.

A legal professional who is skilled in divorce can help their client understand their options when it comes to a high-asset divorce. An attorney has the experience and skills necessary to negotiate a divorce settlement for their client that allows them to preserve their wealth and protect their interests.