When you and your husband or wife decide to part ways in Virginia, you need to work through certain matters, such as asset division. If the two of you own a home together and have amassed equity in it, figuring out what to do with that equity may be of primary importance.
According to NerdWallet, you have several options available to you as far as what to do with home equity in a divorce. Most of these options require that you figure out the current value of your home through an appraisal. Once you have an idea of your home’s worth, you may decide to handle your home equity in one of the following ways.
By selling your house and splitting the profits
Many people navigating Virginia divorces find it easiest to list the once-shared home and then split the profits made on the sale equally. This may help you come up with enough money to find a new place to live without your spouse.
By having one of you buy out the other
Another option that may meet your needs if you or your ex wants to stay in the home you once shared involves having whichever of you wishes to stay refinance the mortgage and remove the other party’s name. However, this requires you or your ex to qualify for a new mortgage without the other’s income.
Sometimes, the time may not be right to sell the home due to market conditions or similar variables. In these situations, you may want to consider alternative arrangements, such as “nesting,” or taking turns in the home you share, until circumstances improve.
