614-241-2174Dividing the family home can be a difficult and complicated affair for a divorcing couple living in Ohio. Most assets that a couple has do not retain a lot of emotional value. However, a home is attached to memories. In many cases, the couple raised their children under that roof. Or it could be that the couple still has minor children who don’t want to be uprooted from the neighborhood and school that they have known.
Some divorcing couples have decided that it is in their best interest to sell the home and divide the proceeds. This is an easy and clean way to split all the accumulated equity. However, if either individual makes money off of the sale, they may get hit with capital gains taxes. Furthermore, one would need to make sure that their credit and finances were in place before finding a new home.
Another option is one spouse buys out the other spouse. This is done by first calculating how much the house is worth. This is used to determine the buyout price. Other factors include the furniture that’s left in the house, the expense of selling the home in the future and potential tax effects.
A third option that some spouses opt for is for both to maintain ownership. This is often seen when minor children are living in the home. The spouse who lives in the home may cover utilities, taxes and minor repairs while the other partner may help with the mortgage.
The decision-making process regarding dividing a home can get emotional. That’s why some people opt to use the services of a family law attorney. Legal counsel could provide the client with information about property division laws. They may also help the soon-to-be ex get a clearer picture of other divorce-related factors that could affect the family home.