Family Law Blog

What About Our Home After a Divorce?

Thursday, August 10, 2017

Divorce can be a devastating experience. Not only are you splitting from someone you once loved, but you must divide your assets. One of your biggest assets is likely your home. Deciding who gets the home can be a difficult and contentious decision, which should ideally be made by you and your ex rather than be left up to a judge's decision. When making decisions about your home, you have several options.

One of You Keeps the Home

Sometimes, the best solution is for one of you to keep the home. In some cases, the one keeping the home may buy out the other person, allowing one spouse to have the home while the other has the money.

One of you keeping the home is also often a good solution when you still have children at home. The children can continue to live in the home until they are grown. In some cases, the house may then be sold. In other cases, the person living in the home may continue to live in the home even after the children have moved out.

Sell the Home

For many splitting couples, selling the home and splitting the profits is the best solution. This might be the best solution if both of you want the house or if maintaining the home would cause a financial burden for the person wanting to keep the house. It is also often a good option if neither person wants to keep the home, especially if both people want to make a fresh start, in a new community, far from the memories of that home.  

Each Keep One

If you own more than one home, you may be able to come to a compromise where you each get one home. Of course, this may require some serious compromising on one or both of your parts, especially if one home is worth significantly more than the other.

Unfortunately, your home is just one of the property division issues you will face during your divorce. Contact us to learn how we can help you through the divorce process.