During the asset division phase of a divorce, spouses may experience tension if they both want to keep the house. However, there are ways to avoid conflict and reach a mutual agreement, even over something as significant as a family home.
Pursuing uncontested divorce solutions can lead to a practical outcome in this situation, benefiting both parties.
Pursue an uncontested divorce even when there are disagreements
An uncontested divorce is one in which spouses agree on all terms of their divorce, including the division of property, child custody and other issues. This process is often faster and less expensive than a contested divorce, where a judge would decide the outcome. Choosing this route can help couples avoid lengthy court battles, save money and maintain control over the outcome.
Remain open to compromise
When both spouses want the house, finding a solution involves open communication and compromise. One option is for the couple to agree on selling the house and splitting the proceeds. This way, neither party keeps the home, but both benefit financially. Another option is for one spouse to keep the house while the other receives an asset of equal value, such as a retirement account or a vehicle. This ensures that both parties leave the marriage with equitable property.
If one spouse wishes to stay in the house, refinancing the mortgage can remove the other spouse’s name from the loan, making it easier for them to move forward financially. In this scenario, the spouse keeping the house will likely buy out the other’s share of the home’s value.
Prioritize financial stability
To reach a fair and peaceful agreement, both parties should prioritize their long-term financial stability and avoid letting emotions drive their decisions. The period after divorce can be financially demanding, especially for couples moving on from a two-income arrangement. While the house may hold sentimental value, it is important to approach the situation practically. It might make more logical sense for the more financially stable spouse to keep the house if they have the means to maintain it.
Ultimately, the methods associated with an uncontested divorce can help couples resolve property disputes while minimizing conflict. By focusing on compromise and considering all available options, divorcing spouses can achieve a resolution that benefits both parties without prolonged legal battles.