If parties cannot agree on how the house will be divided, either by sale or having one party buy out the other, the Court will award each party an interest in the house based on many factors. That may depend on how they contributed to the value or purchase of the home. It may also consider their ability to afford the home or their ability to refinance the property and buy out the interest of their spouse.
The Court can order the sale of the home, however in some cases can postpone the sale when children are involved. A party may also avoid a Court deciding on the distribution of the home when the parties have executed a prenuptial agreement.
If the parties can agree on how to divide the home, that may be done through their divorce agreement. This agreement may be completed after the parties separated or later in their divorce. This allows the parties to come up with a plan on when and how the home shall be divided.
Your divorce lawyer will be able to choose the best option for you and make the necessary provisions in your divorce. An attorney in your divorce will have the experience to offer many options to you that will best suit your needs and concerns. Need a lawyer or divorce advice? Contact McCormick Law today.