You’ll have a lot of questions about your assets as you approach and move through the divorce process, but none are more important to most than those associated with their family house.
There are people who will do whatever it takes to stay in their family house. There are also those who are willing to move on, as long as it makes financial sense for them to do so.
The question of who gets the house in divorce is a tricky one, as it depends on a variety of factors. Here are some of the many ways it can play out:
- One person stays with the children, the other goes: For example, if you have full custody of your children, it may be best for you to stay in the home as it gives them stability during this challenging time.
- The person who purchased the home stays: This comes into play if one person purchased the home with separate funds, such as before getting married. In this case, that person has the legal right to stay in the home and ask their ex to leave.
- Sell the home: When there are no children involved, this is often the best way to deal with the family house in a divorce. You sell the home, pay off any remaining balance on the mortgage and split the proceeds. With this approach, there’s no concern about one person getting a leg up on the other.
While it’s important to answer the question of who gets the house in a divorce, there’s another one that deserves just as much of your attention: Do you want to stay in the house post-divorce?
You may realize that it doesn’t make sense to fight for the home for many reasons. Maybe you don’t like the area. Maybe you don’t like the bad memories. Or perhaps you don’t feel that you have the financial means to keep up with it.
Property division has the potential to cause one disagreement after the next during the divorce process. And when it comes to the family house, which is often the most valuable asset, this is even more so the case. Knowing your options can help you make better decisions.