When an Ogden area couple gets married, the furthest thing from their mind is divorce. But not every marriage lasts forever, and many couples do wind up divorcing.
For high-asset Utah couples, the asset division portion of a divorce settlement is complicated. One of the most valuable assets a couple may have is their family home. A couple may choose from a few options when deciding what to do with the family home.
Sell the home
Many couples choose to sell the family home and split the profits. The couple will need to decide on the list price, what improvements they will make, closing date and contract negotiations.
Buy out the other party
Sometimes one person wants to remain in the family home. If they have enough money to buy out the other spouse, this can be an option. They can then refinance the home under their name.
Co-own the family home
A couple may choose to co-own the home for a specified amount of time. Typically, this is until the kids graduate from high school or some other specific event occurs. Once that date hits, the couple will sell the home and split the profit.
Divide large assets
Many high-asset couples have multiple large assets. In this scenario, a couple may choose to take ownership of assets worth roughly the same amount, such as a large stock portfolio, vacation home or family home.
A legal professional skilled in high-asset divorce understands that this can be difficult for their client. Having an experienced attorney to guide a person through the process can be beneficial to ensure they receive their fair share of the property division.