A Few Questions To Ask When Deciding The Fate Of The Marital Home During Divorce
There are a lot of different things that couples need to discuss when they decide to file for divorce, one of which is who (if anyone) will remain in the marital home. While putting a home up for sale and dividing the equity often proves to be the best choice for divorcing couples, there are also some benefits to staying in the marital home. It can, for instance, provide children with a sense of stability and can act as a good investment for the owners. It’s important, however, to ask a few questions before deciding what to do with your own home during divorce.
Do You Own the Home?
One important thing to consider when deciding whether to keep the marital home after divorce is whether the parties own the home. If, for instance, a couple owns the house, then it might make more sense to keep it, although this will partly depend on the current state of the real estate market. Who owns the home could also come into play when resolving this issue. Technically, assets acquired prior to marriage will remain in the hands of the original owner. This can become a bit more complicated with a marital home, however, as it is likely that in the course of the marriage, a home became a marital asset and so would be divisible upon divorce. For help determining whether your own residence qualifies as a marital asset, reach out to our legal team today.
Do You Share Children?
Divorce can be particularly challenging for children to process, which is why so many divorcing couples decide that the parent with primary custody should remain in the home with the children. Taking this step can provide children with a sense of stability during a difficult time. In these cases, the parents could decide to continue to co-own the home, or the non-custodial parent could agree to take a greater share of another asset to make up for the loss in value of the home.
What is the State of the Housing Market?
Another thing that divorcing couples will need to assess when deciding whether one party will retain possession of the family home is the current state of the housing market. If interest rates are high, for instance, or the market is saturated, it may make more sense for a couple to hold off on selling the house, rather than risk having to sell at a reduced price or not selling at all. It’s best to speak with an industry professional, who can provide you with an accurate assessment of the market and your chances of selling your home for the asking price, before you move forward with the property division process.
Call Today for Help Dividing Your Marital Assets
Deciding the fate of the family home can be overwhelming and stressful, as there tends to be a lot of emotion wrapped up in this decision. You do not, however, have to make this decision on your own, but could benefit from the help of experienced Fort Lauderdale property division lawyer Sandra Bonfiglio, P.A. Call us at 954-945-7591 to learn more.