Your Options on Dividing the Family Home in a Divorce
Perhaps one of the most contentious aspects of divorce is agreeing on what to do with the marital home. Deciding what to do with the family home can be incredibly difficult, because it all depends on a number of factors that are specific to each couple.
If you have children, you may want to keep the home because you don’t want them to experience even more change. Conversely, if that home was supported by two incomes and is now not sustainable by just one income, you may want to sell it. The question of how to split the profits can become an issue, as may the emotional attachment you may feel for a home you spent your married life in.
Agreeing on what to do with the family home doesn’t have to be quite so complicated, at least with the help of an experienced and skilled Columbus divorce lawyer such as ours at Weis and O’Connor, LLC. Our legal team understands the financial and emotional burdens that come with making a decision regarding the family home, which is why we can advise you on your best course of action following a divorce.
Your options on dividing the family home in a divorce are as follows:
- Sell it now – If you and your ex-spouse are looking for the cleanest break, selling it immediately is your best bet. It will be one less thing to negotiate in the court proceedings, and you can divide the proceeds from the sale appropriately.
- One of you keeps it – If one of you can afford to buy out the house from the other, and that person feels an emotional attachment to that home, one of you can keep the home. This will be treated as any other real estate purchase, including negotiations, inspections, and repairs. The surrendering spouse will come off the deed, and the retaining spouse will likely need to refinance the existing mortgage balance individually in order to keep the house.
- Sell it later – If selling the house later is something you and your ex-partner can agree on, by all means make that your course of action. There may be several reasons why it may be better to wait, such as waiting for the market to improve or for more equity to be built. You can put yourselves in the position of landlords and make money off the house while you are waiting to sell it. Choosing to sell it later keeps you tied to the house, but it also presents you with many options moving forward. It also can present important tax consequences that should be considered.
Contact Our Columbus Divorce Attorneys
At Weis and O’Connor LLC, our legal team of Columbus divorce attorneys is well-versed in the field of family law. We have seen a wide range of divorces, and we know how to help guide you in a way that will benefit you most. You don’t have to go through divorce alone, because have the experience and skill to help you rebuild your life. Facing these legal prospects can be intimidating, but it doesn’t have to be.
Contact our offices today by calling 614.428.0266.