Going through a divorce in Virginia means you will have to split your property and assets with your spouse. Your house doesn’t necessarily have to be sold. Instead, there are other options that may be available for what to do with your marital home.
Who gets the house when you and your spouse decide to divorce?
During a divorce, the two spouses are required to divide their assets to satisfy the settlement in their case. There may be a question about who gets the marital home once you divorce. How the home is divided or the sales from it are distributed depends on certain factors. The spouses can also go to court to settle things. If the home belonged to only one spouse prior to the marriage, that can also play a part in what happens to the house.
What options aside from selling are available for the house?
If you and your spouse decide you don’t want to sell the house during your divorce, there are other options you can consider. They include the following:
• Divide large assets: You can divide your large assets, including your home. Both parties can take equal ownership of your assets, but one person can keep it while the other gets other things that have the same monetary value as the house.
• One spouse buys out the other: Buying out a spouse’s share of the home means that the buying spouse now owns the house. This can benefit the spouse who has custody of the children as it provides stability when the kids get to continue living in the home.
• Co-own the house: When spouses choose to co-own, it means they’re equally responsible for the expenses toward the house whether they’re making mortgage payments or ultimately selling it.
Whatever route you and your spouse choose for the marital home during your divorce, make sure you are both in agreement. It could make your divorce proceedings easier for everyone.