There is never a right answer until you speak to a lawyer. There are many different scenarios that go into deciding the best way to split a property up
Do you have equity in the property compared to how much you owe?
Who is on the note? Both of you or just you or him?
Do either of you want to stay in the property?
If you want to sell, then splitting the proceeds after closing would be the easiest, depending on the other aspects of your divorce settlement.
If he wants to stay and you want to leave, and both your names are on the note for the home, then he would need to refinance the property on his own and get your name off of the note and title, so you are not legally bound to the property, this would occur after the divorce is finalized. Normally there is a period of time involved in allowing him to do so. If there is equity and he is able to refinance and stay, a cashout scenario could occur that would allow him to pay you off and he could still keep the home, or vice versus.
First advise an attorney, find the proper course. Second, get an accurate account of what your home is worth, through an appraiser if possible. Compare worth to what you owe on your first mortgage and possibly any second mortgage. Calculate the loan to value ratio. Normally cashout situations only allow you to go up to 90% total CLTV cashout. This is dependent on credit score and debt to income ratios.... more