A house was purchased by both me and my spouse while we were married. What happens to the house once we are divorced?

There are generally four options here (there may be others if you are open to creativity):  

1. You can sell the house and divide the proceeds in some way.  
2. You can keep the house, determine what interest your spouse has, and buy him or her out.
3. Your spouse can keep the house, determine what interest you have, and buy you out. 

OR

1. You can use the house to offset some other asset the other person is keeping.

These kinds of questions are often the subject of mediations and settlement negotiations. Attorney Breck Norment will be able to walk you through each of these options, and help determine what the best route is for you and your spouse. To schedule a free consultation with Lexington KY Attorney Breck Norment, give our office a call at (859) 303-6007, or fill out our Online Contact Form.