Going through the divorce process is one of the biggest challenges of your life. This is even more so the case if you have a lot of property to divide, such as a family home.
While some people are able to work through this detail in a relatively efficient manner, others find that it’s a major sticking point. For example, if you have at least one child with the other person, who gets the family home is even more important.
Here are some of the many ways to approach this situation:
- The person who receives physical custody of the child (or children) will remain in the family home
- Sell the home and split any proceeds
- One person buys out the other, allowing him or her to remain in the home
If one of these ideas makes sense for both individuals, it’s much easier to move forward. For instance, both people may decide that they don’t want to live in the home any longer. In this case, selling and splitting the proceeds is the easiest way to move forward.
Conversely, there are times when the question of who gets the family home is among the biggest challenges throughout the entire divorce process.
If you find yourself in this position, you need to understand your options as well as your legal rights. Once you know what to expect as the process moves forward, you can position yourself for success. It may take some compromise to put your divorce in the past, but there are steps you can take to feel good about the end result.
Source: FindLaw, “Divorce Property Division FAQ,” accessed Dec. 27, 2017