Focusing On Family Law – And You
The family home is where memories are made and is a source of pride for many homeowners. You spent time making your home welcoming and beautiful and you may have spent years raising your family there, watching your children grow. So, if you and your spouse decide to divorce, what to do with the family home you both cherish can be a significant issue. There are several options to consider.
One spouse keeps the family home
In many cases, one spouse — especially if they have primary custody of the children — will keep the family home. If so, the value of the home must be ascertained so the spouse keeping the home can buy out the other spouse’s share of the home. For example, if the spouses have a large mortgage that still needs to be paid, the spouses may have to accept a smaller settlement. In addition, the spouse keeping the home will need to have enough income to cover the other costs of homeownership, such as utilities and upkeep. This requires knowing your budget. Still, keeping the family home can provide stability for the spouse and children living there.
Both spouses keep the home
In some circumstances, both spouses will keep the home together, even if only one spouse is living in it. Sometimes the market conditions are not favorable at the time of the divorce, and spouses want to wait until the market is better for sellers. If both spouses are keeping the home, they will have to agree on how to pay for the costs of homeownership, even if neither are living there.
Both spouses sell the home
If neither spouse can afford to keep the family home, they may choose to sell it and split the proceeds. The spouses will need to agree on a sales price for this option to work. They will also have to determine who will pay what costs on the home until the home is sold. However, selling the family home allows both spouses to have a clean break from one another so they can move forward with fresh footing.
Know your options
Ultimately, there are a variety of options spouses should consider regarding the family home in a divorce. Each spouse will want to make sure they understand their rights and the property division process so they can make informed decisions in their divorce.