Deciding what happens to the family home can be one of divorce’s most emotional and challenging aspects. This property is not just a financial asset; it is a repository of memories of the life you built with your spouse. If you are facing divorce in Indiana, understanding how the state’s property division laws can be your first step toward making this difficult decision.
Indiana follows the principle of equitable distribution when splitting up marital assets. This means courts aim for a fair division based on various factors rather than a 50-50 split. When it comes to your family home, several elements will come into play, including your economic situation, contributions to the property and the length of the marriage.
This process aims for fairness, but it can still feel overwhelming as you contemplate the future of your cherished space. So, what options do you have when it comes to your family home?
Selling the home and splitting the proceeds
Sometimes, a clean break is the best path forward. Selling the house and dividing the proceeds can provide you and your spouse with a fresh start and financial resources to establish new living arrangements. This might be your best choice, especially if you struggle to afford the home on a single income or the emotional ties to the property are too painful.
One spouse buying out the other
This often happens when one party has a strong emotional attachment to the property or when it is important to maintain stability for children. If you opt for this alternative, you will need a professional appraisal to determine the home’s current market value. It is important to consider seeking the advice of a financial advisor to help you make the most of the buyout proceeds and plan for your future.
Continuing to co-own the property
Many families opt to continue to co-own the home even after the divorce. They could be waiting for a much more favorable market condition or perhaps want to minimize disruption to their children’s lives. Whatever your reason, co-ownership requires a high level of cooperation between you and your spouse. You will need to maintain open communication and be prepared to make joint decisions about the property. This arrangement can be challenging if you do not end your marriage on good terms.
Moving forward with clarity
Each of these options comes with its own set of financial and emotional considerations. If you are struggling to come to an agreement with your spouse, you might consider seeking the advice of professionals. Remember, the choice you make for your family home can significantly impact the next chapter of your life.