As you prepare for and move through the divorce process, you’ll realize time after time that your life is changing. When you prepare accordingly, it’s much easier to roll with the punches and position yourself for future success.
Many people worry about what will happen to their house as a result of their divorce. They have concerns about this for many reasons, including the fact that it’s typically one of their most valuable assets.
Here are some of your options:
- One individual keeps the home because they have physical custody: If you’ll have physical custody of your children, you may want to keep the family house to maintain stability on their behalf. It’s okay to do this, but keep in mind that your ex will receive other assets to make up the difference in value. Also, don’t agree to this unless you’re confident in your ability to keep up with mortgage payments and maintenance.
- Request to keep the home without children: Even if you don’t have children, you may still have the desire to stay in your family house. You can make this request with the hope that your ex complies. If they do, you’ll need to give up other assets.
- Sell the home and split the proceeds: If neither individual wants to stay in the home or you can’t decide who gets this asset, this is often the only option. You put your home on the market, collect the proceeds from the sale and split the profit. You should have a sound idea of how much your home is worth and what you owe before going down this path.
The option that’s best for you depends on many factors, ranging from what’s best for your children to your financial circumstances after your divorce.
Property and debt division are often hot button topics in a divorce. You want to secure as many assets as you can, without taking on much debt. And remember, the other individual is taking the exact same approach.
With the help of a property division checklist, you’ll have a sound understanding of your assets, including their value, so you can efficiently move through your divorce as you protect your legal rights.