- Sell the home. This is the most common option.
- One spouse buys out the other’s interest. The spouse keeping the home will need to qualify for a mortgage on their own.
- Both spouses continue to own the home. The rarest option, wherein both spouses are financially tied together until the eventual sale of the home.
It is of utmost importance to understand that your will is useful in distributing the assets you own that otherwise do not have written beneficiaries attached to them; think home, cars, jewelry, art, collectibles, and personal possessions. Any assets that come with a beneficiary designation such as IRAs, work place retirement plans, pensions, life insurance policies, etc, will be passed as per your beneficiary designations. Other assets such as bank accounts, brokerage accounts and the like may also have written beneficiaries on file, if you ask for Transfer on Death forms.
This is not to undermine the extreme importance of having a will, durable power of attorney, health care proxy, and guardianship/fiduciary set up for minors. Having a proper estate plan in place along with written beneficiaries on file for your monetary assets will ensure that your money and possessions will be received as per your wishes and desires.
Divorce Mediation Services of the Lehigh Valley offers divorce mediation services that allow couples to work through the topics of parenting plans and division of marital assets/liabilities in order to arrive at fair and equitable agreements. Divorce mediation is a viable, productive, and cost effective method for parties to resolve the end of marriage decisions. Divorce Mediation Services serves clients throughout the Lehigh Valley and surrounding areas.