When a Montgomery area couple decides that they are going to get a divorce they often have gone through a lot to get to this point. There has been a lot of stressful conversations and sleepless nights. The divorce process can be complicated and when a couple has many assets, it is important to make sure they are divided properly. The family home is often one of the largest assets a couple has together and there are several options for it in an Alabama divorce.
The following are some options a couple may consider when choosing what to do with the family home in a divorce.
- Sell the home: Many couples choose to sell the family home and split the proceeds. If a couple chooses this scenario, they need to agree on a listing price and any repairs that need to be made to the house.
- Buy out the other party: One spouse may choose to buy out the other spouse’s share of the home. In this case the new owner will need to refinance the mortgage in their name only. They may need to hire a professional to appraise the home and determine its fair market value.
- Keep the home: Sometimes a couple chooses to keep the family home, often for a set amount of time. This can be done until the kids graduate from high school, or some other date in the future. It can allow the children to stay in the home they’re familiar with and lessen the effects of the divorce on them. At the point of time in the future the couple can sell the home and split the proceeds.
- Divide large assets: For couples who have a vacation home, a large stock portfolio, or other equally large assets, it can be easier to just split the large assets equally among themselves, after either selling them or determining their value.
An attorney who specializes in Alabama divorce can help their client understand their options when it comes to asset division and the family home. They can advise their client on their best options and help make sure their future is protected.