Untangling your life from your spouse’s is hard, but when you’ve built a home together, it gets even more complicated. Deciding what happens to that house carries emotional and financial weight that most people do not expect.
Going in without a clear sense of your options often leads to unnecessary friction and stress, and that’s the last thing anyone needs right now.
How West Virginia divides property in divorce
West Virginia follows equitable distribution, which means the court divides marital property fairly, even if always equally. Marital property includes assets you and your spouse acquired during the marriage, like your home.
Separate property, such as a house you owned before getting married or received through an inheritance, generally stays with that spouse. However, things get complicated if you used marital funds to pay the mortgage or make improvements on a separately owned home, as the courts may treat a portion of it as shared.
3 common ways to handle the family home
Most couples choose one of three paths when deciding what to do with their home:
- Buyout: One spouse gets the house and buys out the other’s share. This requires refinancing the mortgage under the name of the buyer spouse while compensating the other for their equity portion.
- Asset trade: One spouse keeps the house while the other receives assets of equivalent value, like retirement accounts or other property. This avoids the need for immediate cash.
- Sale: Both parties sell the house and split the proceeds. This is a practical solution when neither spouse can afford the home alone or when both want a clean break.
Some couples with children choose a deferred sale, agreeing to remain in the home temporarily until the children finish school before selling and splitting the proceeds. Each option carries different financial trade-offs worth considering carefully before deciding.
Factors that shape your decision
Your choice depends on multiple considerations beyond emotions. Can you realistically sustain the mortgage, taxes, insurance and maintenance on your own? Do your children benefit from staying in the family home? What does your credit situation look like for refinancing?
Career stability, future housing needs and tax implications all play a significant role in making your decision. The current real estate market can also influence whether selling now makes financial sense.
Making a decision with your future in mind
The house decision affects your financial stability for years, potentially even decades. While emotions run high during divorce, basing this choice solely on feelings can leave you struggling later.
Think about where you’ll be in five or ten years, not just today. Consulting a divorce attorney can help you weigh your options with a clear head and make an objective decision that protects your financial future.