Dividing property can be a contentious issue during a divorce, especially when it comes to deciding what to do with a residence the divorcing couple shared during happier times. Not only is the home likely to carry a painful emotional weight, but it’s likely the most valuable and least liquid of the couple’s assets — making its eventual disposition an extremely important but often difficult issue to resolve.

Below, the divorce lawyers of MacVean, Lewis, Sherwin & McDermott, P.C. in Middletown, NY, explain some of the possibilities for dealing with a home during a divorce.

Mutual Agreement

In some cases, the parties in a split may be able to fundamentally agree on a solution that keeps one spouse in the house while the other moves out. In such cases, the legal aspects can be complex and may involve other assets changing hands in order to maintain an equitable settlement. Even without a contentious court battle, a divorce lawyer will likely be needed to help the two parties craft a resolution that is fair and legally sound.

Buyout

It may also be possible for one spouse to buy out the other’s share in any mutually-held real estate, in which case a new host of issues can arise. Whichever spouse ends up with the home will likely need to refinance the mortgage under entirely different conditions than the ones that prevailed when the home was initially purchased. Even if you’d prefer to keep your home, you should talk to financial advisers and your divorce lawyer about the terms of your settlement to make sure keeping the house squares with your new economic reality.

Liquidation

The house can’t simply be sawed in half, so in many cases, the simplest way to divide such an asset between spouses is to liquidate it. Even this can be complex given the vicissitudes of the housing market and the need for cooperation on the issue between two spouses who may no longer get along well. An experienced divorce lawyer may have dealt with similar cases before and be able to recommend a real estate agent who can help handle the technical aspects of the sale.

Ultimately, any resolution to a divorce in which a house is involved will likely require the services of a divorce lawyer like those at MacVean, Lewis, Sherwin & McDermott, P.C. For solid legal advice in Middletown, visit their website or call (845) 343-3000 to schedule a consultation. You can also find the law firm on Facebook.