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What are my options when it comes to the family home?

  • Divorce, Property Division

The way that your marital assets are divided in your divorce can set the stage for your financial wellbeing for years, perhaps even decades, to come. With that in mind, you need to be careful in how you approach negotiations and litigation related to property division. In many instances, individuals let emotional attachments cloud their judgment and affect their long-term financial health.

Know what to do with the family home

One area where this issue can arise is when disposing of the family home. You might have spent years remodeling the residence to turn it into everything you wanted, and you’ve probably got a lot of lovely memories of your children growing up there. As a result, you might want to fight to keep the home. Or you might just want to keep the home because you think it’ll provide you with an extra layer of stability. But before you take that stance, you might want to consider your options.

  • Buy from or sell to your spouse: One option is to simply buy the house from your spouse or sell it to him or her. This can be a costly option for the buyer considering that he or she will have to come up with some extra case, but for the selling spouse it can provide a nice influx of cash to start their new post-divorce life.

  • Barter: Another option is to trade other marital assets for the home. Here you’ll want to be careful, recognizing the true value of the assets in play. Retirement accounts, for example, might appreciate in value much more the home will. Also, and this is true with all options where you keep the home, you’ll want to remember that you’re now going to be solely responsible for the mortgage and upkeep.

  • Sell to a third-party: This is a popular option because it gives you a clean break from your spouse while allowing you to obtain some financial resources that you might need to start your new life.

  • Co-own: This is a less commonly utilized option, but you can continue to co-own the home with your spouse. This can allow you to build equity and provide some stability to your children, or you might be able to turn it into an income property. Just keep in mind that you’ll still have to find another place to live and you’ll still be tied to your spouse, at least in some sense.

Obtain guidance during your property division

Property division can be complex and confusing. But as much as you probably want to get the process over with, you need to take the time to develop the strategy that works best for you. Skilled divorce attorneys like those at our law firm stand ready to assist in that endeavor.

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The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute an attorney-client relationship.

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When contemplating making changes that can impact your family, your finances, and your future, the first step should be to consult with an honest and experienced attorney. When it comes to you and your family, it’s personal. When it comes to selecting an attorney, it is not one size fits all. At Annette Benson Law, we want to hear your story and understand the history and family dynamics, so we can best provide options on how to proceed, guidance on how to prepare, and information to understand the legal process. Success in the legal arena comes from proper planning, effective strategies, and meticulous organization.  Get the honest and direct information you need to make the best decisions for your future. Schedule your confidential consultation today. 

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“[They] represented me in a very difficult divorce and stood by me through numerous conflicts with my ex-wife after the agreement was final. Annette assisted me in every step of the case preparation, provided outstanding council regarding the financial settlement, anticipated difficult questions from the court and opposing counsel, presented my case professionally and persuasively, and when things got tough this woman became a velvet hammer! Annette maintained her professional edge at all times as she politely, yet forcefully pummeled the opposing counsel’s arguments. It’s clear that she has earned the respect of Judges. This respect and her credibility benefited me and my position during difficult litigation and in the decisions made by the Judge. Over the years since my divorce was final, Annette has promptly responded to my post judgment requests for support and frankly, she has never failed me. Great advice, great guidance and great support. When you’re in front of a Judge in these very trying important moments, you realize how critical it is to have the right representation. Annette and the office staff worked together, with me, to successfully fight the most important battle of my life. Hiring Annette Benson Law was one of my very best decisions.”
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R.T.
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O.T.
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L.G.
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M.K.
“I consulted with a few attorneys about seeking custody of my two girls. Neither attorney I met with sounded optimistic but were of course willing to take my money and try. When I met with Annette, I was surprised at the direction our conversation went – she asked me questions no other attorney had asked before. She looked at the big picture and came up with a strategy that worked! I’m thankful to have my girls with me full time and I’m grateful for Annette’s creative thinking, courtroom control and ultimate success”.
D.O.
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The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.