When couples decide to divorce, one of the most controversial topics includes asset division, especially the division of real estate such as the family home. For some couples, it may be too difficult financially to maintain the expenses of a family home as a single parent. For others, both may be extremely attached to the home and want to remain living there. So what options do couples have?
Couples usually have several options when it comes to the family home, including:
- Selling the house – Both parties can decide to sell the home if neither wants to stay or can afford to live in the current house. Parties should take into account the costs associated with selling the home and the impact that relocation can have on kids during a divorce.
- Negotiating a buyout – One spouse can offer his or her share in the house in exchange for the cash value. This is typically common if one spouse has a stronger emotional attachment to the house and the other is willing to leave.
- Continuing to co-own the home – Some couples can decide to keep the home under both parties and maintain co-ownership of the home. One party usually continues to live in the home until the children are old enough to leave. These arrangements are mutually agreed upon and both parties should have an understanding of their obligations as co-owners.
It is recommended that couples come to an agreement about what happens to the family home. Otherwise, a judge may make that decision for you.
Should You Move Out of the Family Home During the Divorce?
This depends on a person’s unique circumstances during the divorce. In cases where there is domestic violence or abuse, or if there are no kids involved, leaving the home can make sense. In other cases, leaving the home can actually hurt the party who leaves.
When a person moves out, he or she may be less likely to receive primary physical custody or be awarded possession over the home. There is a lot at stake here before you decide to move out, so talk to an attorney first.
Fair Solutions. Compassionate Guidance.
During one of the most difficult times of your life, it is important that you evaluate all of your options carefully and choose the one that makes sense for you, financially, physically, and emotionally. If you are thinking about divorce, talk to our Fairfax divorce lawyers at Malinowski Hubbard for exceptional guidance and compassionate legal service. We’re here to help you get through this, one step at a time. Contact us to learn more.