Divorcing? Here are 6 Ways to Split Up the House

Dated: May 25 2023

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Divorcing? Here are 6 Ways to Split Up the House

 

Are you getting divorced this year? When you’re parting ways with your significant other, you’ll be faced with the question of how to divide up the house. This process isn’t always an easy one, especially if you’re going through a tough time, but you can rest assured knowing that there are a number of ways to divvy up your assets and walk away happy.

If you’re going through the beginning, middle or end stages of a divorce, here are 6 ways to split up the house. 

1. Sell the Home and Split the Profit – If neither you nor your spouse is interested in keeping the family house following a divorce, you have the option to sell your home to the highest bidder and split the profit.     

2. Divide Up the House – If neither you nor your spouse can afford to move out of the house right away in the wake of a divorce, you have the option to each choose one side of the house, so you can both keep living in the home while leading separate lives. 

3. Take Turns Living in the Home – If you and your spouse both have your hearts set on staying in the home after a divorce, you can take turns living in the place. That way you can both enjoy your investment throughout the year. 

4. Rent Out the Place Before Selling – If you and your spouse choose to move out of the home at the end of your marriage, you have the option to rent out your place until the housing market improves so you can go your separate ways with some money in the bank. 

5. Carry Out a Delayed Buyout – If you or your spouse wants to stay put in the house in the wake of a divorce but doesn't have adequate funds for an immediate buyout, you can arrange a delayed buyout so that one spouse covers the mortgage payments until paying for the house in full. 

6. Refinance the Mortgage – If you or your spouse wants to keep the family house in the years following a divorce, you have the option to refinance the mortgage so one spouse can buy out the other’s interest in the property.   

Make the most of these 6 ways to split up the house. Every divorce ends with dividing up shared assets and going your separate ways, so it’s best to make a plan, split up your assets and part ways amicably. When you’re ready to answer the looming question of who gets the house in the divorce, explore these options for splitting things up and start the new chapter of your life.

The information provided in this email newsletter is for general guidance only, and does not constitute the provision of legal advice, tax and accounting advice, real estate investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional real estate, tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular siuation. Home value estimate calculators provided herein are general estimations based on publicly available data and should not be used as a substitute for a professional appraisal. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.

SourceHomeActions, LLC

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Arminé Ghevian

My goal is simple: a commitment to finding the dream home, purchase, or sale for my clients. With more than 25 years of experience in the real estate industry & the Los Angeles County market, my t....

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