You take great pride in your family home. Not only do you have good memories there, but it may be the home that your children are most familiar with. For this reason, it’s something to strongly consider as you prepare for the divorce process.
The way you approach the family home in divorce depends on a variety of factors, including your plans for the future. Generally speaking, you have three options available to you:
- Fight to keep the home: If you want to stay put, make this clear to your soon to be ex-spouse. It doesn’t mean everything will work out as planned, but that shouldn’t stop you from taking this stance.
- Let your ex-spouse have it: If you have no desire to stay in your family home, perhaps because you’re concerned about paying the mortgage in the future, there’s nothing wrong with letting your spouse stay put.
- Sell it and split the proceeds: This is typically the best approach if you can’t decide who will stay in the home or neither of you is intent on doing so. If you have equity in the property, you’ll receive your fair share upon the sale.
There is no right or wrong way to approach your family home in the divorce. You must consider all three strategies above, and then proceed with the one that makes the most sense for you, your future and your finances.
This isn’t a time to let your ex push you around. Know what you want and stand your ground to ensure that you protect your legal rights. If you’re uncertain about your options, talk the issue over with an experienced advocate.