Property division is one of the complex and stressful aspects of a divorce. It can be a time consuming process to merely assess which property is separate and which is marital. Probably the most consuming asset of all, emotionally and financially, is the house. If you are looking at a divorce and are worried about your financial future, your biggest concern may be who ends up with the house. Not only does this represent a huge investment, but the house probably is of great emotional value as well.
When it comes to deciding what happens to the house in a divorce, you usually have three options to choose from. First off, if keeping the house is something that neither of you want, then you could put the house up for sale. This would be an option if you want to move on or you are unable to afford it. While a sale could pose a hassle, especially if you have children who will have to move, it can be beneficial to have liquid assets and a more affordable place to live, one that is not full of memories.
If only one of you wants to keep the house, then a buyout could be the way to go. This would mean that you would pay in cash, or promise to do so, for the other spouse to relinquish any claim on the house. If you both want to keep the house, however, then you may want to consider co-owning the house. This could be a temporary arrangement, or it could be for the foreseeable future. You will need to create an agreement, and it cannot be vague. Essentially, you two would be entering into a business relationship as property owners. This can be tricky to pull off, but plenty of couples are up to the challenge.
If you have concerns about property division in a divorce, or you need help pursuing one of the above options, consult a Raleigh divorce attorney from Hopper Law Office, PLLC. Get an experienced legal advocate on your side for the things that matter to you most. Call us today!