The Benefits Of Staying In The Marital Home During Divorce

When a couple decides to file for divorce, they will undoubtedly have a lot of different things to discuss with each other. One of the most important is how the parties will divide their debts and assets, including the family home. While some couples wish to leave the past behind by selling the home and moving on to a new residence, there can also be some benefits to staying in the family home at least for the duration of the divorce.

Do You Have Children?

Divorce can be especially challenging for couples with children, who may struggle to cope with their new living situations. For most parents, ensuring that the divorce goes as smoothly as possible is of the utmost importance. One way to help achieve this is for one of the parents to stay in the family home, allowing their children to avoid the additional stress of leaving a familiar place. By allowing one parent to stay in the home, parents can help their children retain a sense of stability in their day-to-day lives.

Do You Own the Home?

Another important thing to consider when deciding whether a spouse should try to retain the family home during divorce is who actually owns the property. If, for instance, one or both of the parties own the home, then it could make more financial sense to keep it and sell it later on down the road. If, on the other hand, the parties currently rent or lease the property, then relocating may make more sense, as there is far less financial reason to remain. Which way a couple chooses will, however, also depend on the couple’s relationship, including whether they are able to reach an agreement where one spouse keeps the house in exchange for more of another asset. If the parties can’t reach an agreement, then they may be forced to sell the house and divide the proceeds accordingly.

What is the Housing Market Like?

Before deciding to sell or keep the family home upon divorce, couples should also take the current state of the housing market into consideration. If the market, for instance, is unstable then fewer people will be looking for homes, meaning that sellers can expect less competition and lower prices. Couples should try to be realistic about the probability of selling their home in a timely manner and for the expected amount.

Ask a Florida Property Division Lawyer for Advice

Deciding what to do with a family home upon divorce can be stressful and emotional, so before you decide to sell or keep your family home, you should consider speaking with an experienced Fort Lauderdale property division lawyer about the pros and cons of both options. To learn more about the ins and outs of divorce-related property division, call dedicated and compassionate family law attorney Sandra Bonfiglio, P.A. at 954-945-7591. You can also set up a free consultation with a member of our legal team by sending us an online message.

Sources:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/Sections/0061.075.html

money.usnews.com/money/personal-finance/family-finance/articles/2017-10-11/divorcing-should-you-divorce-your-home-too