Do I Have to Sell the Family Home in My Ohio Divorce?

 Posted on December 12, 2019 in Divorce

Dividing marital property and assets can be one of the most contentious parts of divorce proceedings. Some divorcing couples can agree on how to divide their assets, while others argue over every decision made during the property division process. Seeing the life that you built with your former spouse be split up between the two of you can be difficult. Deciding who gets to keep the marital home can be a tough task, both emotionally and financially. It is often assumed that one spouse will take the house while the other party finds another place to live. This may be one of the most common arrangements, but there are various ways that an experienced divorce attorney can work with both spouses to find a solution that benefits everyone.

What Are My Options?

There are three basic ways that the marital home can be evenly “divided” between spouses in an Ohio divorce. These decisions can vary depending on the spouses’ emotional connection to the home, their financial investment in the house, and whether or not they wish to raise their children there. The means by which the house will be divided can be determined by the divorcing couple, with the help of their attorneys, to ensure that the arrangement is fair for both sides. The arrangements may include:

1. One spouse keeps the house - One of the most common ways that the marital home is divided during a divorce is allowing one spouse to take possession of the house while the other individual receives various other assets or properties to make up for the loss of their share of the home's equity. For parents, this can be a good choice if they wish to continue raising their children in the marital home. If this is the case, the custodial parent will typically be the one to take ownership of the house.

2. The couple retains joint ownership - Some divorcing couples will keep the ownership of the house between the two of them. The house could be rented while retaining joint possession, thus giving each spouse a cut of the rental income. Some parents will choose to keep the house together to participate in a parenting arrangement known as “nesting.” With this approach, the children remain living in the home while the two parents alternate residing there. During one parent's scheduled for parenting time, he or she lives in the marital home, while the other parent stays elsewhere during that time. This arrangement is typically done at the beginning stages of divorce to help the children adjust to living with single parents. This is a valid option for divorcing couples; however, they must consider the consequences that can come with shared financial investments after their divorce. To avoid conflicts, spouses may wish to avoid staying connected financially.

3. Sell the house - Those couples going through a divorce may want to start fresh after the papers are officially signed. For some, this means moving out of the house that they lived in with their former partner. Selling the home is a valid option for divorcing couples, and it can provide them with financial assistance to seek out other living arrangements. Typically, the profit made from the sale is divided between the two parties. However, it is an option for one spouse to keep all the funds from the sale while the other spouse receives similar compensation in the form of other assets from the marital estate.

Contact a Brunswick Property Division Attorney

Evenly dividing assets can be impossible without a skilled divorce lawyer’s assistance. Not only will an attorney explain the various arrangements available to divorcing couples, but they can also act as an emotionally detached party who is there to advocate on your behalf. At the Law Offices of Andrew M. Parker, LLC, our qualified divorce attorneys have over 21 years of combined experience representing clients in family law proceedings. If you are considering divorce and are not sure what to do with your marital home, contact our Medina divorce lawyers today at 330-725-4114. We offer free consultations in most cases.

Sources:

https://www.nerdwallet.com/blog/finance/deciding-family-home-divorce/

https://www.washingtonpost.com/news/parenting/wp/2017/07/27/letting-the-kids-stay-in-the-home-while-the-divorcing-parents-move-in-and-out-is-it-realistic/