For many families, the residence they share is their biggest asset. This isn’t all that surprising given that a couple can spend decades building up equity. It also carries a lot of sentimental value as well. This is why when a marriage falters and heads toward divorce, the family home often becomes a topic of focus.
Ways to deal with the family home
There’s a lot to think about when going through the property division process. As it pertains to the family home, there’re very real logistical and financial issues that you’ll want to take into account before pursuing any course of action. Simply knowing your options can be helpful, which is why we list them here.
- Buy from or sell to your spouse: With this option, one spouse essentially buys out the other spouse. If you sell, then this option can give you an infusion of cash to start your life post-divorce. Buying can ensure housing stability, but it can also be costly. Be sure to recognize the extent of the mortgage and upkeep on your residence in light of your sole income if you intend to keep the home.
- Barter: Here, the spouses exchange assets so that one ends up with the home while the other acquires other assets. With this option you’ll want to be sure that you understand the value of the assets in play in exchange for the house.
- Sell to a third-party: This might be the most common option that’s utilized because it allows the parties to break free from the home and each other with a little money in their pockets.
- Continue co-ownership: It might sound tough, but continuing to co-own your home with your spouse might be right for you. You may be able to turn it into an income property or provide stability for your children by allowing one spouse to continue to reside in the home. Just keep in mind that someone is still going to have to secure another residence unless you want to continue to live with your ex-spouse.
Be prepared when heading into divorce
Divorce is an emotional process, but it’s also a financial transaction. To ensure that your interests are as fully protected as possible, you need to know how to develop a strong legal strategy. An attorney who is skilled in this area of the law may be able to help you do just that.