When going through a divorce, you’re likely to have concerns about property division. While there are many assets subject to division, it’s your family home that typically moves to the front of your mind.
The question of what will happen to your family home in divorce is one to address early on, as doing so positions you to make informed decisions along the way.
There’s no right or wrong way to address this question, but instead several strategies you can consider. Here are some of the most common ways to address this:
- Sell the home: If neither of you want to remain in the home, selling it is the easiest thing to do. From there, you can split the proceeds and go your separate ways. This is more common when you don’t have children together.
- The person with physical custody stays in the home: Both you and your soon-to-be ex-spouse should put the well-being of your children above everything else. When doing so, you may realize that the stability of keeping them in the same home is important. If you agree on this, it’s the person with physical custody of your children who should remain in the home.
- One person stays, the other goes: Take, for example, a situation in which you don’t have children together. However, you still want to stay in the home. If your spouse is okay with this, you can keep the home while they get other assets of equal value.
All three of these options are worth your consideration. If you have children together, it’s another dynamic to consider, as you need to do what’s best for them above what’s best for you.
Since your family home is likely to be one of your most valuable assets, think long and hard about how to approach it in the divorce process. And remember to keep your budget in mind. You don’t want to fight for your family home, just to realize in the end that you can’t keep up with the monthly mortgage payment and maintenance on your own.
Your family home has the potential to be a sticking point in divorce, so do your best to plan accordingly.
