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Consider these 3 options before you divide your house

On Behalf of | Dec 3, 2019 | Firm News

One of the keys to property division in a high-asset divorce is finding a good appraiser and determining the value of your assets. This is the first step before you and your spouse can negotiate what you want to do with your house.

At the Law Offices of Ira C. Yellin, LLC, in Massachusetts, we often help couples to come to an agreement on the family home that suits their unique circumstances.

  1. One spouse buys the other out

For one of you to buy the other out, you will have to know how much equity you have in the house. NerdWallet explains that the one who keeps the house will have to buy out the other spouse’s portion of the equity or else trade assets of similar value. Remember that in Massachusetts, the judge divides property equitably rather than equally, so a fair trade may not necessarily be 50/50.

The spouse who stays should refinance so that the other spouse is no longer on the mortgage or the deed.

  1. The spouses sell the house

Refinancing, paying taxes and keeping up a house may be more than either spouse can handle on a single income. You may both feel that selling the house is preferable.

  1. Both spouses keep the house

You may not still want to live together, but the time may not be right for selling real estate. The housing market may be particularly slow right now, or maybe you owe more than the house is worth. In some cases, parents decide to jointly own the house so that their children can continue to live there. Some even go so far as to set up a “bird’s nest” co-parenting arrangement where they take turns living in the home with the children.

More information about high-asset property division is available on our webpage.