Splitting your assets is one of the most challenging parts of a divorce. When it comes to the family home, you may have a lot of sentimental reasons for wanting to stay or having difficulties separating from it. In addition to the emotional aspects of determining how to handle your real estate, it can become complex legally too.
According to U.S. News, selling your house may become the most public aspect of your divorce. You and your spouse have to decide the ideal next move for you.
Leaving the family home with one person
If one spouse wants to keep the house, you must be careful. Make sure one of you can handle the mortgage following the divorce. If one spouse cannot afford the property, he or she will have more trouble following the divorce. One way to simplify the process is to refinance the mortgage to remove one spouse from the financial burden. However, it still leaves one name on the deed to reduce the paperwork.
Keeping the family home
People do not always consider keeping the home when it comes to divorce. You and your partner could keep the home and try nesting for a short time. Nesting involves co-owning the home with your children and having a second place to retreat to during your ex’s visitation with the children. Instead of the kids moving between two houses, the parents do instead. While this is not a permanent option, it can be a way to keep the home until you decide what you want to do with it.
One of the least complicated options is to sell the house as soon as possible and split the proceeds.