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Setting a plan for the marital home in your divorce

Trying to determine what to do with the marital home is going to take some work by you and your ex. If you can decide together what to do, you might find that you're able to get the property division matters handled quickly. One thing to remember is that you have to balance what you do with the home with the rest of the property division matters.

For some people, just getting rid of the home is the ideal solution from a practical standpoint. There might be some emotional attachment,1 but this is a good idea, especially if the home has equity in it that can be used to pay off marital debts or to provide you with a financial boost for your new life.

When it isn't possible to sell the home, you might decide that one party can buy the other one out. This is done by determining what equity is in the home and then splitting that so that one person can pay the other one. It doesn't mean that there's a cash payment. Instead, the payoff might come in the form of assets in the property division process.

You also have to think about things like the retirement accounts and other financial matters when you're splitting up assets. You also have to be able to divide the debts. All of this must be done before the divorce can be finalized so it behooves you and your ex to work as a team to figure out how to divide it all. This can prevent the divorce from dragging on longer than necessary.

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