You have 3 basic options regarding your home when facing divorce:

• Sell the home now and divide up the proceeds.
• Buy out your spouse or your spouse buys you out.
• Retain joint ownership.

SELL THE HOME NOW AND DIVIDE UP THE PROCEEDS

Sometimes the easiest solution is to sell the house and split the proceeds.  In this case, there is usually a substantial amount of equity in the home, and the mortgage payments may be too much for one party to handle.  In our experience in real estate, this option seems to be the most common.  During the initial stages of the divorce, the attorney may recommend contacting a Realtor to get a comparative market analysis in order to determine the value.  Once this is done, he or she can then work together with the parties getting a divorce in establishing how the potential settlement will be stipulated.  It is important that both spouses come to an agreement as to the value of the home that's presented to them.  This moves the process along, and if the decision is to sell the home, they can get it on the market and work towards getting it sold and moving on with their lives.

BUY OUT YOUR SPOUSE or YOUR SPOUSE BUYS YOU OUT

There are many factors in determining whether or not to buy your spouse out or not.  Emotional attachment to the home, not wanting to take your kids out of the school they may go to in the neighborhood, being able to afford the home, or a number of other good reasons.

If one of the spouses wants to keep the home, the selling spouse will usually insist on receiving fair market value for his/her share.  Initially, it is recommended that you obtain a comparative market analysis from a Realtor.  That way both spouses will have a good idea for what the home will sell for in the marketplace and what the potential proceeds will be for the spouse selling his/her share.  Ultimately, you will need to refinance the mortgage in order to remove the other spouses name from the mortgage.

RETAIN JOINT OWNERSHIP

You could maintain the status quo - the house is neither sold nor refinanced.  The spouse moving out usually agrees to wait a certain number of years before the home is sold.  It may coincide with the children reaching adulthood (emancipation).

OBTAIN APPROPRIATE LEGAL ADVICE

It's recommended that you consult with your attorney for the proper guidance on any of these options previously discussed before deciding the appropriate action.  Real estate and its relationship with divorce vary depending on your state's law, your judge, and your ability to negotiate.  Factors vary, but may include whether the house was a premarital asset, whether it is covered by a prenuptial agreement, your contribution (financial and labor), the length of marriage, the needs of the parties and their minor children, and whether you live in a community property or equitable distribution state.  So again, please be sure to obtain the appropriate legal advice.