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Know your options for the family home in your divorce

| Dec 14, 2020 | Property Division |

There’s a lot at stake in a divorce. For many people, the financial ramifications of marriage dissolution are the most concerning. That’s because your marital assets will be divided equitably, which means that assets will be divided fairly, not equally. You can retain some control over the process, though, by engaging in negotiation, but you need to have a strong sense of how you want to approach certain assets, especially those that have a lot of value.

Analyzing the family home

One of those assets is the family residence. You might have a lot of equity built up in the home, and you might have some emotional attachments to it. But is fighting for the home in your best interests? Maybe not. Here are some ways that you can handle the house in your divorce:

  • Sell the home: This is a popular option because it allows you to divide with your spouse the equity you’ve built up, but it also gives each of you a cleaner separation and the opportunity to start the next chapter of your lives with a blank slate.
  • Barter: If selling isn’t an option, then bartering with your spouse might be a viable option. Whether you’re hoping to keep the residence or unload it, assets like retirement accounts and vehicles might become part of the negotiations here. Just remember that if you’re trying to keep the house then you’re going to be solely responsible for it’s mortgage and upkeep despite losing your spouse’s wage.
  • Co-ownership: This might sound strange, but for some people co-owning the family home is a viable option. Doing so allows them to continue to build equity or maybe even turn it into an income property. Keeping the home in this fashion can also help provide some sense of stability for children. It’s likely in these situations that one spouse will have to find another place to stay, which can be costly, of course, especially if the spouses continue to share in paying the mortgage and maintenance on the home.

There might be other options out there that work for you. You just have to be creative and keep your financial interests in mind.

Help is available for your divorce legal issues

Dealing with the family home is just one of the many issues that you might encounter during the course of your marriage dissolution. Fortunately, you don’t have to face those issues alone. That’s because qualified legal professionals stand ready to advocate on your behalf.