Your options for dealing with your family home in divorce

Your options for dealing with your family home in divorce

There are a lot of bitter pills that have to be swallowed during the divorce process, so those who try to sugar coat it for you aren’t being honest. As hard as that can be to hear, you should take comfort in the fact that there’s a lot that you can do to make your divorce easier. One of them is simply knowing your options.

Dealing with the family home

One area of divorce where knowing your options is extremely helpful is property division. If you don’t know how you can go about dividing marital assets, then you might get taken advantage of by your spouse, which can leave you on shaky financial footing post-divorce. Let’s look at the family home as an example. Here are the ways you can deal with the family residence in your divorce:

  • Sell the home to a third-party: This is the easiest and most straightforward option. It allows you to cleanly break away from your spouse and pocket your fair share of the proceeds, which can go a long way toward helping you get established post-divorce.
  • Buy from or sell to your spouse: This might be a tempting option, but in many cases it’s unrealistic simply because it requires one party to come up with a large amount of cash.
  • Barter: Whether you want to keep the home or get rid of it, you might be able to utilize other assets to get what you want. Just make sure that you understand the value of the other assets in play as well as the costs of the home in light of your sole income.
  • Keep it: It can be weird co-owning a home with your ex-spouse, but it can help you share expenses while continuing to build equity. Of course, unless you and your ex-spouse want to live together, someone is going to have to come up with enough money to secure a new place, but keeping the family home can help ensure that your kids have some stability.

Property division can be difficult to work through, especially if you and your spouse don’t get along. But you don’t have to let emotions cloud the issues before you because you have the ability to secure assistance from an experienced divorce attorney who knows how to skillfully negotiate and litigate these matters. If you think that you could benefit from that type of help, then you might want to discuss your situation with an attorney of your choosing.