Establishing property division terms can be one of the biggest challenges in divorce, with you and your spouse likely wanting as much as possible from your marital estate. Your home may be your most valuable asset, and the one that holds the fondest memories.
However, there’re often more at stake than what to do with the house. How might your decisions affect your kids?
Three options for your family home
You and your ex may both attach sentimental value to your house, but what would be the best way to handle post-divorce living arrangements for your kids? Consider the options available to you, such as:
- One of you maintains ownership of the home. You might establish terms that allow you to keep your home; doing so may help maintain stability for the children involved.
- Utilize a birdnesting plan to allow the kids to stay in one place. Suppose you choose to leave your children in your family home while you and your former spouse move in and out based on custody arrangements. If your house allows for a separate living arrangement, you and your ex could potentially create adequate space between each other while you continue to live there full-time.
- Sell your home to a third party. Finances may not allow you to qualify for an individual mortgage, and if you haven’t lived in your home long, there might not be much established equity. Putting your home on the market with plans to split the sale proceeds could provide the means for you and your co-parent to secure separate places to raise your children.
Naturally, high-value assets tend to lend themselves to intense disagreements. Exploring the different ways to divide your real property during a divorce can help you make the best of a difficult situation.