One of the most significant divorce concerns many couples face is the fate of the family home. The family home not only holds precious memories but determining whether or not to keep the home can increase pressure during the divorce.
Many parents worry about their children’s well-being as they face the divorce process, and keeping the family home can alleviate some of that stress. The family home can remain a source of stability for your children, keeping their surroundings familiar, school the same, and neighborhood friendships intact. However, keeping the home is not always possible and may not be the best option for your family.
This post will explore couples’ options to keep the family home when facing divorce, providing insights into potential solutions to help ease the transition.
Sell and Divide Profits:
Selling the family home during a divorce is common for couples who prefer a clean break and a fresh start. While this option may be the best choice in your case, here are some things to consider:
- The emotional toll that will be added by selling the family home, not only for you but also for your children,
- You and your partner will need to work together to hire a real estate agent to list the home and will have to work together to ensure the home is ready for showings,
- Before dividing the proceeds, outstanding mortgage and debts related to the property must be paid off. This ensures a clean transfer of ownership and avoids potential complications in the future.
- The remaining proceeds are then typically divided between the spouses. It’s important to note that the division may not always be a 50/50 split, as it depends on various factors such as contributions to the property and financial situations.
Buyout
If one spouse has a strong emotional connection to the family home and wishes to keep it, they can choose to buy out the other spouse’s share. This involves obtaining a mortgage or using other assets to compensate for the home’s value. It’s crucial to conduct a thorough financial analysis to ensure feasibility.
Co-Ownership
Some couples maintain joint ownership of the family home even after divorce. This arrangement can be temporary, allowing children to continue living in a familiar environment until they reach a certain age. It requires effective communication and an explicit agreement on responsibilities, expenses, and potential future decisions regarding the property.
Deferred Sale
Couples can agree to delay the sale of the family home until a specific trigger event occurs, such as the youngest child reaching a certain age or completing high school. This option provides stability for the children while allowing both parties time to adjust to the changes.
How We Can Help
Deciding what to do with your home during a divorce is a complex and deeply personal decision. It’s essential for you to explore the various options available, consider the emotional and financial implications, and seek professional guidance to navigate this challenging process.
Our team at HD Family Law is here to help you navigate these decisions and walk you through the process, no matter the path you choose.
