During marriage, couples often make major purchases together. If you and your former spouse purchased a home, divorcing can make both parties wonder what to do next. Fortunately, there are a few ways for divorcing couples in Alaska to handle this potentially stressful situation.
While divorces typically involve splitting or selling assets, that doesn’t always have to happen. When both parties in a divorce get along well, they can decide to maintain ownership of a marital home. This option can also benefit children of divorcing parents by allowing them to continue living in a familiar home. Co-ownership of a marital home might not be possible if you or your spouse are dealing with financial challenges.
Sell the home
Often, divorcing couples prefer to sell the home they once shared. When a formerly married couple shares a fully paid-off property, selling it lets both parties walk away with extra money. If you and your former spouse are financing this property, selling is still possible. However, you and/or your ex-spouse will need to settle this home’s deficiency balance. If the property finds a buyer, you’ll also split selling-related costs with your former spouse.
A buy out
During a divorce, one person may prefer to own a marital home without their ex-spouse’s involvement. Understandably, you might need to move money from accounts or save up to buy out your former spouse. However, this option is beneficial if you want a clean break while maintaining ownership of your marital property.
The aftermath of a divorce can cause formerly married couples to make tough decisions. Regardless of what terms you’re on with a former spouse, getting on the same page about a marital property is worth the time and effort.