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Should you try to keep the family home during your divorce?

On Behalf of | Apr 6, 2024 | Divorce

It is inevitable that many things about your life will change when you go through a divorce. You may have to adjust to new financial circumstances, and you might find that you see your kids at different times as they go between homes. You may also face the possibility of moving, which may be an overwhelming prospect at this point in your life. You may feel like it would be best for you and your kids if you try to keep the family home. 

There are many different factors that go into what happens to the family home during a divorce. You may want to keep it, but that does not necessarily mean that is what is best for your future financial interests. Before you make any decisions that could impact you long-term, it may be helpful to seek an understanding of all the options available to you. 

Sell the home or stay in the home? 

One of the man reasons why many people want to stay in their home is so they can provide a sense of security for their kids. However, there are many different factors you will need to consider if you want to remain in your home. First, you will need to determine if you can afford the mortgage payments on one income, as well as the other expenses associated with home ownership, such as taxes, repairs and more. If you choose to keep the home, you may have to buy out the other spouse’s share of equity in the property. 

It is common for a couple to decide to sell their home when going through a divorce. You and the other party may determine that it is most useful to place the family home for sale and to split the proceeds of the sale between the two of you. In some cases, one spouse may keep all the proceeds in exchange for other assets. 

The right property division agreement 

There is no single property division agreement that will work perfectly in every situation. If you are deciding what should happen with your family home in a divorce, you may benefit from having experienced guidance as you make these important decisions. An assessment of your finances and other details of your situation may help you pursue an outcome to your divorce that will allow you to look to the future with confidence.