Divorce comes with a number of difficult decisions to make. Besides working out a parenting plan, one of the most challenging aspects of the divorce is arriving at an equitable distribution per North Dakota marital property laws. It is not uncommon for a couple to end up fighting over high-value properties like the marital home.
Figuring out what to do with the home can be a huge challenge, and emotions can easily spiral out of control.
Is keeping the home really a win?
From home insurance, mortgage and routine maintenance, owning a home comes with its share of costs. Thus, before deciding to fight for the marital home, it’s important that you ask if you can afford these costs. That said, here are three options you can consider regarding your family home in the event of divorce:
One spouse can keep the home – If one spouse wants, and can afford the associated costs with home ownership, then they may buy out the other spouse and keep the home.
You can co-own the home – If neither of you wishes to sell the home, then you can hold it under a joint ownership arrangement. For this arrangement to work, however, both of you must commit to share any costs associated with the home including mortgage payments (if any) and repairs and property maintenance.
Sell the home – Selling the home and sharing the proceeds definitely frees you from any property ties with your ex, especially if the divorce was acrimonious. It also lets you eliminate the possibility of the other party short-changing you in the future.
Property division can be complex. The home is just one of the assets that will be put up for division. Thus, you are better off focusing on what is fair, just and equitable overall than on one particular item.
