If you and your spouse are getting divorced, you know that you are going to have to split up marital assets. Some of these may be minor, like a savings account with a few thousand dollars in it. But others could be very valuable, such as a home that you and your partner bought together.
Since you generally cannot divide a physical house, the most common solution is to sell the home. You and your ex can then divide the money from the sale, and the property division has been satisfied. But there are a few alternative options to consider.
Buying the other half of the home
To start with, you could buy your ex’s share of home ownership. You will likely need to refinance your mortgage to remove your spouse’s credit. You may also consider trading other valuable marital assets, like giving up control over an investment account in order to take full control over the house. This way, you do not even have to move as your divorce is finalized.
Exactly how you approach property division will be unique based on your circumstances, but you can see that it is important to know what legal options you have.