Dividing assets during the divorce can be arduous, especially if emotions run high between parties. Deciding what to do about specific types of assets can be challenging when the divorcing couple has contradicting wishes, complicating the process. This scenario can happen for assets with monetary and sentimental value, such as the family home.
There are many ways to deal with this asset during property division. Still, this situation can quickly escalate if the divorcing couple is not on the same page about what to do. They can choose from several options, such as the following:
- Put the home on sale and divide the amount earned from it
- Have one party refinance the mortgage, which may only apply if they are eligible to do so
- Keep the mortgage as is and continue without changes, allowing both parties to use the property as an investment
Deciding what to do can vary based on the situation. If a party is insistent on keeping the home, they can refinance the mortgage to have it under their name. But, this option can have complications depending on the family’s setup. If the party keeping the home is ineligible to apply for refinancing, they may need other remedies to help retain the property.
Addressing property division issues appropriately
There is no such thing as an easy divorce. Even just dividing property can pose various complications caused by the family’s unique needs and circumstances. Because of these unpredictable issues, the involved parties may benefit from seeking legal guidance before filing for divorce. Experienced counsel can help them set expectations, giving them a better understanding of the process. Valuable insight can also help determine the most appropriate options, considering what is best for the entire family.
