During marital dissolution, the property division process can be amongst the most contentious. There’s good reason for this conflict, too. After all, the outcome of property division sets the stage for each individual’s post-divorce financial situation. Therefore, those who neglect to aggressively pursue an outcome that furthers their best interests may wind up being taken advantage of.
While property division certainly deals with bank accounts, retirement accounts, and items of personal property, another common asset that must be addressed is the marital home. For many individuals, this residence represents not only a significant financial resource, but also an asset with substantial sentimental value. However, before deciding on a course of action regarding the marital home, individuals need to ensure that they know their options.
There are a limited number of choices. First, a couple can decide to sell the property and divide any profits. This is one of the more commonly utilized options because it can allow for a quick and clean resolution. A second option is for one party to buy out the other. This may be enticing to those who are attached to a marital home, but it is usually challenging to come up with the funds to successfully buy out a former partner. With that being said, sometimes other assets can be given up in exchange for keeping the marital home. A third option is for both parties to retain the home but convert it into a rental property with an understanding that the proceeds will be split.
Property division can turn into a heated debate. While some couples are able to negotiate a resolution of these matters, others have to take it to court and litigate their position. Regardless of which route a case takes, it is often wise to have a skilled legal advocate by one’s side to ensure that the best possible outcome is reached.