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Representation

What will happen to your family home in a divorce?

There are a variety of assets that deserve your attention during the divorce process, with your family home at the top of the list. Not only is this where you live, but it’s likely to be one of your most valuable assets.

As you prepare for your divorce, gain a better understanding of how you can deal with your family home and what you’re trying to achieve. Do you want to stay in your home? Are you okay with the idea of letting your ex-spouse keep it? What impact will the decision have on your children?

Generally speaking, there are three ways to approach your family home in divorce:

  • Keep it: If you want to remain in your home, you can fight to keep the property. However, should you take this approach, you’re going to give up other assets in exchange.
  • Let your ex-spouse have it: Maybe you have no desire to stay in your family home. Perhaps there are too many bad memories. Or maybe it’s too expensive for you to maintain on your own. In this case, you can let your ex have it, should they want to retain the property.
  • Sell it and split the proceeds: There are times when this is the easiest approach, such as if neither of you wants to stay in the home. This allows you to get out from underneath the property, all while securing your portion of the profit from the sale.

Regardless of what approach you take, be sure that you understand your legal rights and how to protect them during the property division process. 

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