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How should you handle the family home in your divorce?

On Behalf of | Jun 13, 2022 | Family Law |

In most divorce cases, there are a lot of emotions tied up in the process. This is understandable, but it can also make it difficult to untangle assets when there’s a lot of sentimental value attached. This is often the case with the family home.

If you need a place to live after your marriage is dissolved, then you might be tempted to fight for the residence. However, before you do so, you should carefully consider your options to ensure that you’re making the decision that is right for your short-term and long-term interests.

Your options when dealing with the family home

You essentially have four options at your disposal. Let’s look at them here:

  • Sell the home to your spouse. Although this may be a cash transaction, it might also involve the utilization of other marital assets. This can be a great way to give yourself a financial boost post-divorce while escaping the financial burdens of the home.
  • Buy the home from your spouse. You’ll need a significant amount of money or be willing to part with a significant portion of the marital estate if you choose to go this route. And while the marital home may provide you with some stability, the mortgage, maintenance, and upkeep can all be costly on your sole salary. So, keep that in mind as you assess your options.
  • Sell to a third party. This is a popular option because it allows you to fully break away from your spouse and start your new life on a firm financial footing. Just make sure that you’re getting a fair price for your home.
  • Continue to co-own the home. This is a tricky option, but it does allow you to continue to build equity while reducing costs. Just think through the logistics of where everyone is going to live if this option sounds appealing to you.

Navigate property division with confidence

The outcome of your property division process is going to have significant ramifications for your post-divorce life. That’s why you must know how to position yourself to obtain the assets that are best for you.

To learn more about how to develop a strategy that does just that for you, consider discussing your situation with an attorney who is well-versed in this area of the law.