If you and your spouse are going through a divorce, one of the things you may need to determine is how to divide your property (including your marital home).
Michigan follows equitable distribution laws, which means that your property needs to be divided fairly. This doesn’t necessarily mean that you’ll divide your property 50-50.
For your home, this is an important factor to keep in mind. Depending on your situation, you may be able to negotiate a larger share of the property or give up a share to get other assets that you’re more interested in.
What are your options for dividing your home and property?
You have a few options for dividing the family home. Your first option would be to sell the home and divide the profits 50-50. This could be fair if you and the other party supported the purchase or each other equally during the marriage and think you should both get an equal amount of the profits.
Another option could be to keep the home and rent it out, allowing each of you to receive compensation monthly from tenants in your home.
A third option could be to buy out your spouse’s share or have them buy out your share of the property. They could then keep the property in their name (or you could, if you want it) in exchange for cash or other property.
You may have other options, too, such as keeping the home between you both, continuing to pay for it equally, and sharing it for vacations or travel. You might choose to sell it later for a much higher profit, or you could keep it in the family and pass it on to your child when they’re 18 or older.
There are many options to consider when dividing your marital property
Whether you’re dividing your home or another property, there are options to consider that will help you separate property and move on from your divorce. The right approach to negotiating will help you protect your right to valuable assets in the future, so you can have the money and assets you need moving forward.