Managing Home Ownership When Navigating a South Carolina Divorce

Many married couples invest in their future together by buying a home instead of renting their living space. Joint home ownership means mutually contributing to the property and building equity that can fund a couple’s retirement or their legacy for their children when they die.

Not every couple will remain married despite their dreams when buying a home together. The couples in South Carolina that divorce eventually have to figure out what to do with the home they own together. Divorcing spouses have the option of either going to court or negotiating with one another to reach a mutually-agreeable settlement.

Those who try to construct their own property division terms will likely arrive at one of the three solutions below. By contrast, a judge is the one who decides what to do with a home in a litigated divorce scenario.

1. One spouse stays in the home

It is common for one person to retain the marital home, especially if there are young children in the family. Of course, equitable distribution rules mean that the person who does not stay at the house will still receive their share of equity from the property or other assets worth a similar value, such as a family-run business or retirement savings.

2. The couple sells the home

When there are no children or when a couple only recently purchased the property, it may be more complicated than beneficial to try to arrange for one spouse to keep the home. They may simply choose to list the property for sale and then divide the revenue from the transaction so that each spouse has funds for their future needs.

3. They share ownership after divorce

Although it is rare, some spouses decide to continue owning the home together. They might rent it out as a source of income or attempt a birdnesting custody arrangement to keep their living arrangements stable for the children.

Any of these solutions could be an option for South Carolina couples that are planning for divorce. Learning more about the rules that apply to property division matters in South Carolina divorces can benefit those who want to reach a fair settlement, either via negotiations or litigation.