When a Michigan couple gets married, they are filled with excitement and optimism for their future. But not every marriage lasts forever and occasionally a divorce becomes imminent. A divorce can be one of the worst times of a person’s life, not only for emotional reasons but also for all the important decisions that need to be made. One of the more complicated matters in a divorce is property division and what happens to the family home can be a contentious issue.
There are several options a couple can choose with what to do with the family home in a divorce. These include the following:
- Sell the home. Most Michigan area couples going through a divorce chose to sell the family home and split the profit. This can be the cleanest way to move on.
- Split comparable assets. If a couple owns assets that are worth roughly the same amount, they may choose to split them. These may include the family home, a vacation home, or a large stock portfolio.
- Buy out the other party. One spouse may choose to buy out the other spouse’s share of the house and remain living in it. In this situation the spouse who chooses to stay in the home would refinance the mortgage in their own name.
- Keep the home. In this situation, the ex-spouses may choose to keep the family home for a certain amount of time, such as when the children have graduated from high school. After this time has passed, the couple would sell the home and split the proceeds.
A legal professional who is skilled in divorce can help their client through the many complicated matters that may arise during the divorce process. They understand that the decisions their client makes now can affect them for many years into the future. They will ensure their client’s needs are met both now and when the divorce is finalized.