When it comes to divorce and property division, Michigan is considered an “equitable distribution” state. This means that marital property, including the family home if purchased, improved or maintained with marital funds, will be divided based on fairness. While most often the division of marital property starts by looking at a 50/50 division, there are times when “fair and equitable” may call for a different division than the standard. The marital home is often one of the most valuable assets a couple owns, and it can be the topic of intense negotiations in the property division process.
What are my options for the family home in my divorce?
If you are divorcing, you have several options with regard to the family home. One option is for either you or your spouse to keep the home. The spouse keeping the home will often be required to buy out the other spouse’s share in the property or will exchange the property for other marital assets in the property division process.
You and your spouse also have the option of selling the home and dividing the proceeds between you. Sometimes neither of you can afford the home on your post-divorce income, or the home may simply be a place of bad memories that you want to put behind you. If so, selling may be preferable to keeping.
Finally, you and your spouse could take the somewhat unusual step of keeping the home together, at least for a while. For example, you may decide to continue co-owing the home until the real estate market is more favorable for you. Or, you may decide to keep the home together to raise the children in — even if only one of you is living in it — and then sell it when the children are grown.
Explore the topic of property division and the family home further
As this shows, you have options to consider when it comes to the family home and negotiating property division in your divorce. Every divorce is different, so an option that works for some spouses may not work for another. You have to explore your post-divorce financial situation, along with your personal obligations and feelings when deciding whether fighting for the family home is right for you. Giordano Law can help you determine what is best for you and your family. Contact us for a free consultation.