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What happens to the family home in a Michigan divorce?

On Behalf of | Aug 4, 2021 | Property Division

By the time a Bingham Farms area couple has decided to divorce they have been through a lot of stress and anxiety. A divorce is often one of the worst times of a person’s life and there are many contentious issues that need to be worked through. One of the hardest issues is property division and what to do with the family home can be a tough decision.

There are several options available for a Michigan couple in what can be done with the family home.

  1. Sell the home. Many Michigan area couples decide to sell their family home and split the proceeds. In this scenario the couple will need to decide on what repairs should be made before the house goes on the market and what the listing price should be.
  2. Keep the home. Sometimes a couple will decide to keep the family home for a certain amount of time. Usually this is until the children have graduated from high school, or some other event happens. Once this date has passed the couple can sell the home and split the proceeds.
  3. Buy out the other spouse. In this scenario one spouse buys out the other spouse’s share in the house. The new owner would then need to refinance the home in their name.
  4. Divide large assets. A couple may have several large assets and it can make sense to divide them equally. These may include the family home, vacation home, large stock portfolio, etc.

A legal professional who is skilled in family law can help their client understand their options when it comes to the family home in Michigan. They can make sure their client’s needs are met both during and after the divorce and that their future is protected.