Photo of Jeanne M. Frazee

The Experience To Protect Your Rights

Photo of Jeanne M. Frazee

The Experience To Protect Your Rights

What happens to the family home in a divorce?

On Behalf of | Jul 16, 2021 | Divorce |

If you’re going through a divorce in Michigan, there can be a lot of things on the line. One of the most important things divorcing couples think about is who will get the marital home. Fortunately, there are several potential ways for couples to determine a marital home’s future.

Selling the marital home

One to handle marital property division is by selling the home. This strategy is popular because it allows both parties in a divorce to receive money. Selling a marital home also provides a clean break for divorcing couples. This decision is also beneficial if neither person wants to stay in a home that reminds them of their former marriage.

Paying your former spouse

In some cases, one party in a divorce will do anything necessary to keep a marital home. If you want to keep this property, you could arrange to buy out your ex-spouse. With enough income set aside, your ex-spouse gets money and you get to keep the marital home.

Divide assets equally

Another option is to work out a deal with your former spouse regarding marital assets. This works well for couples who previously shared several major assets, such as homes, stock portfolios or vehicles. In this arrangement, one person could keep the home while someone else gets the other assets. This strategy also means that neither party has to worry about putting in the time and effort to sell a marital home.

In closing, there are several potential ways for a couple to divide a marital home. If you and your ex-spouse can’t agree on what happens to this property, it could be time to speak with a marital property division lawyer.