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What are your options for your home during a divorce?

November 14, 2019 | Firm News

Divorce for Colorado couples can be one of the best decisions they make. To remain in a rocky relationship can be emotionally draining. While divorce is in the couple’s best interests, it does not necessarily mean it is easy. For couples who accumulated high-value assets through their marriage, it can be even more costly and trying. If you have a fortune with your spouse, how can you make important decisions regarding your home?

Perform a buyout

You can choose to purchase the home from your spouse. If you decide to stay in your home, you can determine the current value of the property and buy your spouse’s share of the house. Keep in mind that property values fluctuate. You may want to consider appreciation or depreciation costs that may alter the value in the future. You can consider these values when performing a buyout.

Continue shared ownership

If you have children with your spouse, you may want to consider joint ownership. In this case, the two of you would split the household expenses. If only one of you resides in the home, then he or she may be the one who pays for many of the household expenses and taxes. It is crucial to speak to your partner about how you will share the financial burdens.

Sell the home

To avoid disputes and to gain as much as possible from the home, you may choose to sell it. This may feel like the fairest and equal decision. For couples who want the divorce finalized, the assets split and a peaceful separation, a home sale could very well become the best option. The two of you would sell the home and then split the assets, which can become the financial foundation for the next chapter in life. When selling a home in a High-Net worth divorce, remember that there may be tax liabilities and other fees shared between you.

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