Divorce can be a costly endeavor given the stakes involved when dividing marital property, but it’s often a necessary process. For many people, marriage dissolution provides them with the fresh start they need, and, as painful as losing some assets can be, it’s worth the cost.
That’s not to say that you shouldn’t be careful when going through the property division process. On the contrary, before sitting down at a negotiation table or setting foot in a courtroom, you need to have a strategy. This means knowing where to give and where to aggressively push, as well as finding leverage to get what you want.
Dealing with the Marital Home
One of the biggest assets you’ll have to address during property division is your family home. This asset can be quite valuable, but it can also be a financial burden. Is fighting for it in your best interests?
You may consider one of the following options:
- Sell the home: This is probably the most commonly utilized option. It allows you to free yourself of a mortgage while pocketing some equity, which could go a long way in your new life.
- Negotiate for the home: Here you can negotiate with other marital assets to either keep or get rid of the home. Just make sure that you’re getting a fair shake and that you understand the costs associated with keeping the residence.
- Buy the Home from Your Spouse: This option requires a huge influx of cash, and it leaves you with sole financial responsibility as it pertains to the home, which can be overwhelming if you’re operating solely on your income.
- Co-own the Home: It sounds strange, but you can also choose to continue to co-own the home with your former spouse. This can reduce costs, build equity, and perhaps even provide stability to your children. Just be sure to consider the logistics of such an arrangement.
There’s a lot at stake in property division, and the family home is just one piece that has to be addressed. Whatever you do, don’t just wing it. Instead, be prepared with a legal strategy that puts your interests first.