If there is a home, or multiple homes that you own with your spouse, then you will need to determine how to split this asset in the divorce proceedings. You have several options on how to do this, and it is best if you can come to an agreement with your spouse on how to split the real property of the marriage. Below are a few of the options you can consider when splitting your real property:
1. SELL THE HOME: You can sell the home and split the net proceeds from the sale of the home. The proceeds from the sale of the home can be split equally, or according to a formula that you believe is fair. Many couples desire to wait to sell the home until a child is out of school or until the home appreciates in value. You have the option to set the terms of the sale to whatever is best for you situation. You can put in the documents that the home will be sold immediately, or sometime in the future.
2. AWARD THE HOME TO ONE PARTY: You also have the option to allow one of the parties to have the home awarded to them. That party will usually be required to make all the future payments on the home. A quit claim deed is usually signed. This is a document removing one party from the deed of the property, so that the person who is awarded the home has sole ownership of the home. Provisions can be put into the documents to handle issues such as refinancing, etc.
You have the option to be creative on what you do with the real property of the marriage, to make sure that you do what is best for all parties involved.