What Happens to the House?
For divorcing couples, one of the hardest decisions is what to do with the family home. There are 3 main options: sell the home, continue living in the home, or one spouse stays in the home. In a really heated divorce, where the couple cannot agree on anything, coming to an agreement is even harder.
If they can afford to do so, couples with children are more likely than older divorcees to try to keep the home for one spouse, at least until the children finish school. The couple must work out how to share the costs of the mortgage, as well as how to share the profits made once the home is sold. Of course, there is a risk to this method, as no one can predict what the housing market will be like once the couple is ready to sell. The other option in this scenario is for one spouse to buy out the other spouse’s portion of the house.
Some divorcing couples either can’t afford to have only one spouse in the home, can’t afford to sell, or they simply don’t want to move for their children’s sake. In cases of an amicable breakup, some ex-spouses decide to continue living together. This may mean the couple has their own separate bedrooms, or that they take turns staying in the house, among other options. Of course, things can get tricky in this situation when mom and dad start dating again. It is safe to say that this arrangement may not work well for the average divorcing couple.
Selling the home can go quite smoothly, as long as the divorcing couple can get along. If the couple is fighting, or worse, spiteful towards each other, the process can be a disaster. So much goes into selling a home, and the process can drag on and on if both parties are not on the same page. Any realtor will tell you that divorcing couples are the most difficult clients to deal with.
No matter what the scenario, the decision over what to do with the house is a difficult one, with many considerations. Working closely with an experienced divorce attorney can help make the process smoother and easier.
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