Utah couples who are in the midst of a divorce must consider the aspect of property division. Typically, the division is rather simple after it has been decided who gets what. Bank accounts are split and joint stamp collections are allocated. But when it comes to marital property like a house, the issue can become quite complex. After all, it’s not wise to simply cut a house in half.
The easiest way to split the asset of a home is for the couple to sell it, then divide the money. Or, one parent, typically the one who has custody of the children, will remain in the home. Deciding which to do can depend on a number of factors.
First and foremost, it is important for each party to consider their financial status. Can they afford to stay in the home by themselves? If not, will other family members be giving money to help with the cost? One party may be able and willing to “buy out” the other, but that may be enough and may also be highly detrimental to their future financial status. If paying off a mortgage on your own will take up most or all of your monthly income, it may be better to sell or even rent the home.
At the end of the day, each couple is different. It may be best to consult a divorce attorney and other experts who can advise you on the best way to approach this complex property division situation.
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