Divorce is both an emotional event and a financial transaction. In many instances, the two matters are intertwined, making it difficult for individuals to make decisions that protect their short and long-term interests. This is why it is imperative to know your options when in this kind of situation.
This may be especially true when deciding how to deal with the marital home during the divorce’s property division process. Given the amount of emotional attachment to the house, you might find yourself wanting to fight for it, but that might not be the best financial move. This is because by doing so you would be taking on the full cost of the residence, including maintenance and repairs, at a time when your household income will decrease if your spouse was bringing home a paycheck.
So what are your options? You have several:
- One of the most commonly utilized options is to simply sell the house and divide the proceeds amongst the parties.
- Another option is to allow your spouse to buy out your portion of the residence. This can provide you with an infusion of cash while escaping the burdensome costs associated with the home.
- You might even be able to retain the family home with your spouse. That may seem unrealistic, but rotating when each parent stays at the home can provide your child with stability.
Of course, this means you’ll have to obtain a second residence, which can be expensive. If you don’t have children at home, though, you and your ex-spouse might be able to rent the property out to generate additional income.
As you can see, there are a lot of possibilities when it comes to dealing with your family home during the divorce process. Yet, this is just one of the many property division issues that arise during marriage dissolution, and the outcome of each can have a tremendous impact on your future. Therefore, it might be in your best interest to address these matters after thoroughly discussing them with a legal advocate of your choosing.