Three Dispositions Of The Matrimonial Home

There is a saying that the biggest purchase that a couple will make during the marriage is a home. Ergo the biggest asset to be dealt with in most divorces is the matrimonial home.

The disposition of the matrimonial home can be done one of three ways: (1) The Husband can buyout the Wife; (2) The Wife can buyout the Husband; and (3) the property is appraised and is sold for fair market value on the open market to a bona fide third party. Often times parties will each select a realtor to jointly sell the property or if one appraisal is low or high a second appraisal is obtained.

We recently had a situation in our office where both parties wanted to purchase the home. In that instance we completed a sealed single bid auction on the home with the party producing the higher bid being able to purchase the home for the bid price.