Part of divorcing is deciding who gets what and how to deal with certain property. For example, you will have to decide everything from who gets the living room furniture to which of you is keeping the dog. For some property, it is easy to make these kinds of decisions, but for certain high value assets things can become incredibly complicated. In fact, deciding what to do with the house is one of the most major decisions a divorcing couple faces.
Now that you have decided to divorce, have you taken the time to consider what will happen to the family home in Geneva? Or, have you simply assumed that it will be included in your share of the marital property? Here are various options for the house that you should consider.
Include it with the other large assets
If you and your husband own various large or high value assets in addition to the house, the two of you might choose to simply divvy them up. For instance, perhaps you keep the main residence while your husband takes the vacation home on the lake. This is often the most expedient way to finalize a divorce. However, you will still have to agree on the values of all the assets before you can settle on an equitable division of property.
Buy out his share
Another option is to buy out your spouse’s share of the house or sell your share to him. In this scenario, one of you will generally pay cash in the amount of half of the current market value of the real estate to gain sole possession. However, under equitable distribution, the buyout could end up being more or less than 50% of the market rate.
Co-own the house
If you and your spouse are ending things on fairly good terms and you have children, you might agree to co-ownership of the house. This will allow the children to stay in the home and limit the disruption of their lives and can often be more practical if a buyout is not an option. On the downside, you will have to continue relying on each other to pay each share of your mortgage and maintain the property until you decide to sell it.
Sell the house
If the market is decent and houses in the area are selling quickly, then your best option might be to sell the house and split the proceeds. This will give you a clean break and put cash in your pocket at the same time.
If divorce is in your future, take the time to consider all your options for dealing with the family home. Make the choice that is right for your needs and specific situation.