How is the family home divided in a divorce?

On Behalf of | Oct 11, 2021 | Property Division |

When a Hackensack area couple decides they are going to get a divorce it has been a process to get to this point. A divorce is an incredibly emotional affair with many complicated issues that need to get worked out. One of the most contentious areas of a divorce is property division. The family home is often one of the largest assets a couple owns and deciding how it is divided can be difficult.

There are several options a couple may choose in how to divide the family home.

  1. Sell the home. Many couples decide to sell the family home and split the proceeds. In this case, the couple will need to decide what repairs should be made before the house is put up for sale and what the asking price will be.
  2. Split up large assets. Some high-asset couples may have several assets that are worth roughly the same amount. These may be split equally and can be assets such as the family home, vacation home, or large stock portfolio.
  3. Co-own the home. Keeping the family home for a set amount of time, such as when the kids graduate from high school, can be a good way to minimize the effect the divorce will have on the kids. A couple can decide to sell the home at a date in the future and split the proceeds.
  4. Buy out the other party. One spouse may want to buy out the other spouse’s share of the home and keep the home for themselves. In this situation, the spouse will have to refinance the home and have the title transferred into their name.

A legal professional who is skilled in divorce can help their client through the divorce process. They will keep their client’s best interests front and center and make sure they are protected both now and into the future.