Guest Author - Stephanie L Watson

When a couple divorces often times there needs to be a decision made about what to do with the house and other property. It is best if you can work it out on your own before a judge gets involved in your personal business.

There are many options about what you can do with the property. The important thing is to make sure it is the right choice for everyone involved or at least it doesn't feel too wrong for everyone involved. Because, the truth is, in a divorce no one is going to walk away the big "winner" of all the spoils. The best that can be done is that property is divided in an affordable and equitable manner.

There are several choices of what can be done with a home when there is a divorce:

You can sell the house, one spouse can buy out the other spouse's equity, or the house can be given out right to one of the spouses with no strings attached. What happens will realistically be determined by what is financially feasible. If the couple was struggling to make ends meet before the divorce, it is not likely that anyone can keep the house, therefore selling or renting out the house to others, will be your only options.

Selling

Selling the house isn't as awful of a prospect as you might initially believe. Many couples struggle with the idea of the children having to move out of their home, but the fact is, children are a lot more adaptable than you may think.

A lot of the children's attitudes will directly mirror your own. If you are struggling with moving to a different residence they will too. As long as you try to stay in the same school district with high school age children they will be fine. When it comes houses and stuff, children are happier when their parents are happy. You can't be happy if you're starving everyone and going deeper into debt trying to afford a mortgage that is beyond your means.

Renting

If selling the house is not an option at this time due to being upside down on the mortgage or other reasons, renting the house out may be an option that can at least put choices about the house on the back burner for a while. If you choose this option go to a professional to find out how much you can get for rent, what the responsibilities are, the consequences, legal and otherwise - and all factors before deciding about renting the house out. Make sure to spell out in your divorce paperwork exactly what the plan is, because if you do not spell out in writing what will happen in the case of all contingencies you may find yourself back in court or worse.

Buying Out Your Spouse

This is an option if you have the money to do so. If you have a great job, and it won't be a big struggle and the other spouse is agreeable then this is definitely a great option. All you have to do is have a lawyer write up the paperwork, go to a mortgage company or your bank and pay your ex his or her part of the equity in the house.

Giving it away (or loaning it out)

If you have a great job, plan to be the non custodial parent, and you know it would be too big of a struggle for your children and ex to move out of the house, yet they would not be able to afford the mortgage and you can. Consider either giving the house to your ex or allowing your ex to live in the house until death, then having the house transfer to your children or back to yourself while you pay the mortgage and take care of the house. This could be arranged in many ways. The custodial parent could live in the house until a specific date in the future or you could just out right let them have the house.

Truly consider what your financial situation will be once the divorce is final. Most divorces do not award alimony any longer unless it is truly rehabilitative in nature, and the payer can actually afford to pay alimony. In most cases, there will be no alimony and limited child support. These days both parents are expected to work and financially provide for their selves and their children. So don't kid yourself into thinking that somehow the judge will think you and your kids are extra special compared to the other families that go before the bench.