Divorce is a major financial transaction that can have huge money implications for years or even decades to come. With that in mind, you need to carefully consider your approach to divorce negotiations and litigation. We know this can be tough, especially given the emotional nature of these proceedings and the attachments that you may have to certain marital assets, such as the family home. But by being diligent in analyzing the issues before you, you can increase your chances of securing an outcome that is best for you and your future.
What should you do with the family home?
Let’s briefly look at the family home. During divorce, there are a number of ways that you can deal with this residence. Here they are:
- Sell to a third-party: This is probably the most commonly utilized option. It allows you to break cleanly from your spouse while at the same time pocketing some of the equity. This can set you on a good path into your post-divorce life.
- Buy, sell, or barter with your spouse: You have the ability to secure the family home during divorce, or pass it off to your spouse. This can be done with cash or by trading other marital assets. Just keep in mind that if you’re going to secure the family residence, then you’re going to have to give up other valuable assets. Additionally, you’ll be solely responsible for the mortgage, maintenance, and upkeep of the home moving forward. That can be quite expensive to handle on your own.
- Retain co-ownership: If you and your spouse are ending your marriage on good terms, then you may be able to continue to co-own the home. This can provide stability to your children while ensuring that you continue to build equity. You may even be able to turn the residence into a rental property. Just remember that someone is probably going to have to find somewhere else to live.
Know your options and advocate for a position that is right for you
It’s easy to get tangled up in the complexities of divorce. That’s where a skilled legal team like ours may be able to help. We competently advise our clients of their options and work hard to ensure that they have the best representation possible under the circumstances. If it sounds like you could benefit from that kind of assistance, then we encourage you to continue to browse our website to see what we have to offer.