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3 choices for the family home in a divorce

Marriage is extremely difficult and no matter how hard you fight for it, it could be a losing battle and divorce might be your best option. However, ending a marriage comes with its own set of complications. For example, it is often an extremely emotional and stressful time during which you will have to make decisions that will affect the rest of your life. You probably already know that you will have to make choices concerning custody and visitation for your children as well as which assets you should fight for during the settlement process.

One of the most common assets that a divorcing couple argues over is the house. And, if like most homeowners, the house is one of you most valuable assets, it is vital to make a decision that ensures you get your fair share. Here are a few options for what to do with the house in a divorce.

Buy out your spouse

Since you and your husband both own the house, you are both entitled to a share of it. This means that if you want to keep the house, one of your options is to buy out your husband's share. However, this only works if you have the cash to make the buyout or if you can qualify for a new mortgage on your own. You will also have to have a real estate professional provide you with an accurate value for your home or hire an appraiser to value it.

Sell the house

If neither you nor your spouse wishes to keep the house in Santa Rosa, the two of you can sell the property and split the proceeds. Depending on the profit you gain from the sale, you could be subject to state and federal capital gains tax. Your real estate agent and your accountant should be able to help you decide if this is the best option for you.

Defer the sale

If you and your spouse do not want to disrupt your children's lives any more than necessary, you might be able to agree that one of you should continue living in the house until the kids move out. Then, once the kids move out, you can sell the house and split the profits at that time. Keep in mind that it is important to properly maintain the home during this time to sufficiently profit from the deferred sale.

If you are considering divorce, the above tips can help you decide what your best move is when it comes to the house. Be sure to make the decision that will meet your needs and benefit you the most.

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