The property division process during divorce can cause concerns for many divorcing couples. A special are of concern may be what happens to the family home during the property division process. It is helpful for divorcing couples to be familiar with the different options available to address the family home during their divorce.
There are different options for dividing a home during the divorce process. Because the decision concerning what to do with a family home can be an emotional one, and an emotional conversation for divorcing couples to have, it is useful to be familiar with the different options. One of the simplest and most straightforward ways to handle the family home during the property division process is to sell the home and split the proceeds. There can be complicating factors associated with this option concerning taxes and getting into a new living situation for both spouses to consider.
Another option is for one spouse to remain in the family home. One spouse may wish to remain in the family home for a variety of reasons. When one spouse wishes to retain the family home, that spouse can buy out the other spouse’s interest in the family home. There are technicalities associated with this option, too, that both spouses should be familiar with. A third option is to maintain joint ownership of the house. This option usually makes the most sense if one of the spouses remains in the family home to care for children. The divorcing spouses will need to come to an agreement related to the costs associated with the house if the couple decides to maintain joint ownership of the home until the children are grown, for example.
Dividing a family home can be difficult on families which is why it is helpful to be familiar with the different ways to approach that challenge. The family law process provides tools, resources and options to help divorcing couples with all of the challenges they face during their divorce, including dividing the family home.