Divorce is a major financial transaction. Therefore, just like any other major financial decision, you need to know what you’re getting into and what you hope to get out of the process. This can be challenging, especially when emotions are often intertwined with the important decisions that you have to make. This may be especially true when it comes to dealing with the family home.
WHAT CAN YOU DO WITH THE FAMILY HOME?
There are a lot of ways that you can deal with the family home in your divorce. Which route you take really depends on your set of circumstances and what you want for your future. With that being said, here are some of your options:
- Keep the house: This might be the best option for you if you hope to provide stability to your children and avoid the hustle and bustle of having to find new housing post-divorce. However, securing the home means that you’re probably either going to have to come up with a lot of cash or sacrifice some marital assets. Keep in mind, too, that if you choose this route then you’ll be solely responsible for the mortgage and upkeep of the residence, which can be quite costly.
- Give the house to your spouse: This is just the reverse of keeping the house, of course. By taking this path, you might be able to get more marital assets or an influx of cash. But your spouse may not want to take on the house, which would probably lead you to the next option.
- Sell to a third-party: This option gives you a clean break from your spouse while also giving you a quick infusion of cash that you might need to start your life post-divorce. Just make sure that you’re getting a fair price for the home.
- Continue to co-own: Co-owning the home post-divorce might sound impossible, and maybe it is. But if it works for you, then you can continue to provide stability to your children while continuing to build equity and reduce housing costs. Remember, though, that unless you’re willing to keep living with your ex-spouse, someone is going to have to get a second residence, which can be relatively expensive.
KNOW YOUR OPTIONS IN EVERY ASPECT OF YOUR DIVORCE
A lot of people who are going through divorce simply feel lost and don’t know what they can and can’t get out of their marriage dissolution. That’s why if you’re in this situation it might be best for you to work closely with a skilled family law attorney who will know how to educate and advise you so that you can make the informed decisions that are right for your future.