The process of dividing a family home can be overwhelming and emotional for divorcing couples. Because of that, it is helpful to know what options are available to help the couple through such a difficult decision.
Property division during a divorce can be challenging in any circumstances but when it comes to a family home, it can be particularly challenging. There are several different options divorcing couples can consider based on the outcome that they want. Familiarity with these options may also make it easier for them to decide what they want to do. One option is to continue with joint ownership of the home until, for example, children still residing in the home are grown. If the divorcing couple decides to continue as joint owners, they should ensure they work an agreement related to mortgage payments and other costs associated with the house.
Other options to consider for dividing the family home are to sell the house and divide the proceeds. This can be the simplest solution to dividing a family home during divorce. The divorcing couple should take tax consequences into consideration and also the impact this will have on e each of their living situations. Finally, if one of the divorcing spouses wishes to retain the family home, another option if for one of the spouses to buy the other spouse’s interest out which may also require refinancing the home to protect the interests of both spouses.
Deciding what to do with a family home during divorce can be tough. As a result, it is helpful for divorcing couples to be aware of the options they may want to consider and how the family law process can help with such an understandably emotional consideration.