When you divorce, one of the things you must do is to divide your marital property. Of this, perhaps the most valuable item will be your family home, hence it is often one of the assets couples most fight over.
You have several options to deal with it, including:
1. One person retains it
Retaining the house will usually come at the cost of ceding other assets to your spouse. Nevertheless, if it is a place you particularly love then it may well be worth it. Another important reason for one person to keep hold of it would be if the children will spend most of their time living with them. Not having to move house could bring the kids some much-needed stability at a difficult time. If you opt for this, make sure you remortgage the house so it remains in the name of that person only.
2. You put it up for sale
If you sell the house you can pay off the mortgage, freeing you from a significant financial tie. You can then add the money left over to the total marital assets that need sharing out.
3. You both retain it
You might not want to split it or sell it. Perhaps you can see that the market is at a low and selling it would be a loss for both of you. If you wait until prices rise you could at least recover the money you invested in it. Or maybe the market is already rising and you want to wait as you believe it has much further to go, allowing you both to benefit. You could potentially rent it out if neither of you wants to live there any longer.
Deciding what to do with the house in a divorce can be a complex decision and your spouse and you might not agree on things. Learning more about the options and how to handle the situation is wise.