Family House: What To Do With It When You Divorce?
How do you deal with the house when you decide to file for divorce? Since it is one, if not the most valuable asset that the couple own, deciding what to do with the house can be quite a challenge. It is very likely that when you and your spouse were still happy together, you built your home with the hope that you will grow old together and live in that house until all the kids have grown up and left to live their lives elsewhere. How is it possible, then, to assign a value to this home, when it means putting a price tag on the ideal family that you and your spouse once planned together?
There are two common ways on how couples usually deal with the family home.
Put the house on Sale.
If neither you or your spouse wants to stay or can afford remain in the family home, then putting it on sale should be the best option. Getting it out there and earning the best possible price for it may be the best thing to do for the children and the rest of the family. Some of the disadvantages may include forcing the kids to pack up and leave, just when they are adjusting to what recently happened to the family. Another would be the cost of putting the house on sale. And yet if it seems impossible to keep the house without getting too emotional every time, then it is best to sell the house to the people who can give it to you for the best price.
Negotiate for a possible buyout.
A buyout is when a spouse expresses his or her desire to keep the house, but no longer wants to share its ownership with the former spouse. During negotiations about the divorce, you may decide to open the idea of a possible buy-out. It is not unusual for the parent who has been chosen by the court to be the primary caregiver of the children to express his or her desire to keep the house for the sake of the children. A buyout will ensure that the ownership of the property won’t be a problem in the future. If you are considering a buyout, it is best to talk to your divorce lawyer about it.
The time spent deciding on what to do with the house can be as long as the time spent settling on what is best for the children. When talking about the settlement of what to do with the house, divorce lawyers often advise their clients to put the house issue into perspective – both emotionally and financially.
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