In a divorce, there are a few options when it comes to your home. Some divorcees sell the house and split the profit. Others even figure out a way to be co-owners of the house. If co-owning is not an option for you, but you want to keep your home, then you may be able to agree on a way to "buyout" your ex's interest in the house. This is the option that many custodial parents choose, as it means that neither they nor their children will have to move. You also would not have to sell in a bad market. Of course, there is the chance that you will put yourself under financial strain by owning the house by yourself. Then the house could lose value. On the other hand, there is the chance that the spouse who sells will be foregoing the profit of a house that grows in value. It is important to look at the matter closely to see if this is a solution for you.

One option you may have is making the buyout an extended process. You can arrange this in your divorce settlement, determining how long the transfer will take. Usually though, your buyout will be finalized when your divorce is. This buyout usually looks like one spouse refinancing or taking out a new mortgage loan to pay the other spouse for his or her interest. Or the purchasing spouse can offer other marital property in exchange for the house, such as retirement accounts.

One of the first things you will need to do is evaluate the fair market value of the place. If both of you come up with the same value, then it should be simple enough. It can easier still if the house was appraised recently. If necessary, you can search online and talk with a real estate agent to find out more, but this is not going to be the most accurate assessment of what your house is worth, since there is so much variation even within the same neighborhood. Your best option for finding out the real value of your house is to hire a real estate appraiser, but this would probably cost you a few hundred dollars. It could be worth it in the long run so you two can agree and avoid court for the issue. If after an appraisal you are still in disagreement, then a court will have to rule on the house's value, though an appraiser's estimate is probably what the judge will agree with, or with the average of two different appraiser estimates.

With the house's value set, there are few ways this number can be modified. This can mean factoring in a broker's fee, even though there is no current broker. This can be a consideration for the future when one spouse will have to hire a broker to sell the house one day. It should be noted that this is an option in only some states. If you are buying, you may also be able to lower the price if there was repair work, for example, that you never got around to while you were married. The cost of this repair could be deducted from the buyout price. There is also the chance that the selling spouse can negotiate a lower buyout price in exchange for never having to pay alimony (or spousal support). However, this also means that the selling spouse might be foregoing tax advantages.

If you want a better understanding of what it would take to keep your house, then contact a family law attorney immediately. A legal expert can familiarize you with your rights when it comes to property division, and he or she can also advise you about the best course to take for you and your family. Prepare for your future now.